Shanghai stocks climbed to a five-year high Wednesday, resuming a rally that started Monday but stalled on Tuesday. "The market as a whole is still within a reasonable range in terms of valuation," Tony Zhen, a fund manager at Fortis Haiton Investment Management, told the Hong Kong Standard. "It's no longer undervalued." The Shanghai Composite Index of yuan-denominated A-shares and foreign currency B-shares climbed 5.24 points, or 0.3%, to 1,790.10 at the end of trade Wednesday. It is the highest close since September 2001. Although the total market capitalization is still below the heyday of 2001, analysts see changes made by Beijing regulators as having restored investor confidence.