Shares vault to new high, led by commodities

The mainland stocks rose to the highest in a year, led by commodity producers, after the China News Agency said Asia's biggest iron-ore deposit was discovered in a northeastern province and raw-material prices gained.

The Shanghai Composite Index rose 29.6, or 1 percent, to 2922.3 at the close, the highest since June 18, 2008. The gauge has surged 60 percent this year. The rally has left the index trading at 29 times earnings, the most expensive since March 2008.

The CSI 300 Index added 1.2 percent to 3120.73 yesterday.