China's benchmark stock index hit a new seven-year high at the open on Friday, then continued to rise on rapid turnover.
The Shanghai Composite climbed 2 per cent, topping the 5,000 mark for the first time since early 2008. Turnover, already elevated in recent weeks, was a third above the five-day average, or more than 90 per cent above the 100-day average.
"The scale and speed of these gains scream 'speculative bubble'," said Richard Iley at BNP Paribas, as year to date gains in Shanghai were extended to 56 per cent.
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