China's benchmark Shanghai Composite Index ended higher for a second day Wednesday, refreshing a two-month high and extending the strong performance since late December.

The index hit the highest level since the end of 2015 during the morning session, but later edged down to 3,444.67, the highest since Nov. 13, 2017, and up 0.24 percent from Tuesday.

The strong rally from Dec. 28, 2017 has sent the index higher by 5.2 percent.

Large-caps listed in Shanghai led the gains, as 36 of the 50 largest listed companies by market value rose.

ICBC, China's leading commercial bank, rose 1.97 percent to 6.72 yuan per share. Agricultural Bank of China, the country's second largest bank, rose 1.69 percent to 4.22 yuan.

PetroChina, the largest oil and gas producer in China, was up 1.26 percent. China Shenhua, the biggest coal miner in China, rose 1.29 percent.

The Shenzhen Component Index dropped 0.73 percent to close at 11,303.97.

Combined turnover on the two bourses stood at 610 billion yuan (95 billion U.S. dollars), up from about 535 billion yuan the previous trading day.

The ChiNext Index, tracking China's NASDAQ-style enterprises, closed 0.72 percent higher at 1,742.03.