Chinese stocks surge amid rush of foreign capital

China stocks rebounded strongly on Friday, with overseas capital pouring into the mainland markets.

The benchmark Shanghai Composite Index jumped 1.19 percent to 3,360.1 points, while the smaller Shenzhen Component Index surged 1.49 percent to 13,489.01 points.

The ChiNext Composite Index closed 1.76 percent higher at 2,668.71 points, and the blue chip CSI300 Index advanced 1.49 percent to 4,704.63 points.

Turnover on the two major bourses totaled 849.8 billion yuan (US$122.29 billion), shrinking from the 881.5 billion yuan in the previous session.

Overseas capital, meanwhile, posted a net influx of 6.43 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong. For the week, the mainland saw an overall net influx of 6.67 billion yuan.

Stocks of 60 listed firms soared by over 9 percent, while 33 declined by the same.

Insurance companies were among the biggest gainers, with China Life Insurance Company skyrocketing by the daily limit of 10 percent, and New China Life Insurance Co rose 6.38 percent.

Brokerages also performed strongly, with Guolian Securities Co and Polaris Bay Group Co both soaring by the maximum 10 percent.

Airports, the aerospace and military defense industry, and shares related to environmental protection all gained.

On the STAR Market, 105 out of 151 listed firms posted rises, one remained flat, while the rest fell. Wuxi Delinhai Environmental Technology Co gained the most by 20 percent, while CanSino Biologics Inc lost 11.07 percent to become the day's biggest decliner.

For the week, the Shanghai Composite Index advanced 0.18 percent, with trading volume totaling 2.64 trillion yuan compared with 2.84 trillion yuan in the previous week.