China shares surge as heavyweights grow

Chinese shares continued their gaining streak on Friday with heavyweights leading a benchmark index surge of nearly 3 percent.

The Shanghai Composite Index went up 2.77 percent to finish at 3,157.69. The Shenzhen Component Index closed at 10,802.64 points, up 2.94 percent.

Total turnover on the two bourses increased to 725.17 billion yuan (118.52 billion U.S. dollars) from 579.89 billion yuan on the previous trading day.

Shares of 122 companies listed on the Shanghai and Shenzhen stock exchanges gained over 5 percent with 37 shares up 10 percent, the biggest daily increase allowed in China's stock markets, and only 11 firms dropped by over 5 percent.

Heavyweights, including insurance, brokerages and banks, led the gains.

China's leading insurance company China Life surged 10 percent to 30.66 yuan per share, Citic Securities rose 10 percent to 32.12 yuan apiece and China Everbright Bank China went up 6.38 percent to 4.5 yuan per share.

The shares related to China (Shanghai) Pilot Free Trade Zone (FTZ) also performed strong, as China planned to expand FTZ program in more places. Shanghai Jinqiao Export and Shanghai Zhangjiang Hi-tech hit the daily increase limit.

Construction of Beijing's new international airport started on Friday. The project will cost 79.98 billion yuan and take about five years to complete.

As a result, Beijing Urban Construction Investment and Development surged 10 percent to 24.88 yuan per share and Air China climbed up 3.45 percent to 7.8 yuan apiece.

The ChiNext Index, China's Nasdaq-style board of growth enterprises, gained 0.43 percent to close at 1,536.08 points.