HONG KONG: Onshore China shares posted their sharpest gains in more than three years on Friday amid speculation of new state-backed buying in mainland markets.
A business survey also raised expectations for a stronger recovery in the world's second-largest economy. The improved sentiment comes ahead of an annual policy-setting meeting over the weekend that will chart the course for the Chinese economy in 2013.
The CSI300 Index of the top Shanghai and Shenzhen listings closed up 5.1 percent at 2,355.9, while the Shanghai Composite Index soared 4.3 percent. The indices jumped 4.9 and 4.3 percent for the week, respectively, their second-straight weekly gain.
Shanghai volume was the highest since March 14 as the financial sector led gains in mainland markets. Friday's gains were both indices' best daily showing since October 2009.
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