The mainland stocks rose for a fourth day, pushing the benchmark index to its highest level since May 2008, as commodity producers gained on higher oil and metal prices, outpacing declines in banks.

The Shanghai Composite Index added 8.85, or 0.3 percent, to 3471.44 after changing direction at least 10 times. The gauge is up 91 percent this year as bank loans tripled in the first half and the government implemented a stimulus plan.

Stocks on the index trade at 37.7 times reported earnings, near an 18-month high. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, was little changed at 3786.61.