Stocks soar as World Bank raises forecast

The mainland stocks rose, driving the benchmark index to an 11-month high, after the World Bank raised its growth forecast for the country this year and Shenyin & Wanguo Securities Co recommended buying machinery makers.

"The World Bank has reinforced the belief that the economy is recovering," said Zhao Zifeng, a Shanghai-based fund manager at China International Fund Management Co, which manages $10.2 billion. "Improvement in corporate fundamentals should follow."

The Shanghai Composite Index added 43.78, or 1.6 percent, to 2853.90 at the close, its highest since July 28, 2008. Stocks on the index trade at 28.78 times earnings, more than the 12.9 times they fetched at their November low. The CSI 300 Index rose 1.6 percent to 3057.43.