The stock market hit a 23-month high in response to the resumption of issues of secondary shares, convertible bonds and other securities and in anticipation of the first initial public offerings in over a year. The benchmark Shanghai Composite Index finished May 8 up 56.88 points at 1497.10, the highest closing level since June 7, 2004, when it reached 1517.15. It was also the largest single-day move by the index since June 8, 2005. The cause of the rally was statements released by the China Securities and Regulatory Commission during the May holiday, which despite failing to give a timetable for the reintroduction of IPOs, at least outlined draft rules for new offerings. Share listings were suspended in April 2005 to allow for the conversion of state-held non-tradable shares into tradable shares. Around 868 of the 1,400 listed companies have outlined or completed reform plans. Strong domestic firms such as Bank of China and PetroChina are now thought to be planning local listings but analysts have cautioned that expectations of a bull market could be undermined by government measures to cool economic growth.