Financial, technology sectors push mainland stock markets higher

Stock markets in the Chinese mainland edged higher on Friday, backed by gains in financial and tech stocks.

The Shanghai Composite Index rose by 0.92 percent or 20.27 points to 2,226.73 points on Friday, up 1.46 percent from the previous Friday, August 8.

The Shenzhen Component Index nudged up by 1.12 percent or 88.18 points to 7,982.07 points, with a weekly gain of 1.23 percent.

Combined turnover on the two bourses on Friday was 287.90 billion yuan ($46.83 billion), down from Thursday's 307.57 billion yuan.

The Chinese markets experienced fluctuations last week as investors digested mixed economic data. The markets began last week strongly following upbeat export data but were hit by downbeat new loan figures on Wednesday, and continued the losses on Thursday.

But the markets later recovered to close the week with a fifth consecutive week of winning streak.

On Friday, financial stocks outperformed, with brokerages and insurers leading the gain. Tech and auto companies also rose on Friday.

China Pacific Insurance (Group) Co jumped by 4.11 percent to 20.50 yuan and Guoyuan Securities Company soared by the daily limit of 10 percent to 13.74 yuan on Friday.

Tech stocks rallied on Friday, with companies linked to mobile games, touch screen and software gaining strongly. Beijing Bewinner Communications Co, Success Electronics and China National Software & Service Co all soared by the daily maximum of 10 percent on Friday.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, inched up on Friday, reversing a losing streak for three straight days. The index gained by 0.88 percent or 12.15 points to 1,392.45 points, with a weekly gain of 1.09 percent.