Stocks soar on economic recovery hopes

The mainland stocks rose, driving the benchmark index above 3,000 points for the first time in a year, as an expansion in the nation's manufacturing for a fourth month indicated the world's third-largest economy is recovering.

"Expectations the economy will recover will push stock prices higher," said Wang Peng, Shanghai-based chief investment officer at First Trust Fund Management Co, which oversees about $2.1 billion. "We expect listed companies to post earnings gains in the third or fourth quarter."

The Shanghai Composite Index rose 48.79, or 1.7 percent, to 3008.15, its highest close since June 11, 2008. The index gained 63 percent in the first half of 2009, the world's second-best performer.