Chinese share advance led by consumer stocks

Chinese shares closed higher on Friday, with almost 30 stocks gaining the daily limit of 10 percent and only 400 stocks falling. The weekly growth of the Shanghai Composite Index reached 4.32 percent, recording the highest weekly increase in more than two years.

The benchmark Shanghai Composite Index surged 2.50 percent to close at 2797.48 points. The Shenzhen Component Index was 2.13 percent higher to end at 8409.18 points.

Shares of financial sectors, consumer sectors and real estate sectors had strong performances.

Zhengzhou Bank, COFCO Property, Tianjin FAW Xiali Automobile all hit the daily limit of 10 percent.

The gas sectors saw weak performance, with shares of C C Gas losing more than 4 percent.

Led by consumer stocks, Chinese shares advanced after the publication of a detailed document issued by the State Council on Thursday. According to the document, the government is marshalling resources to support consumption.