The benchmark Shanghai Composite Index, a major index of Chinese shares, closed at a record high of 2,998.47 points on Friday, up 5.46 points over the previous close.

The index, which covers both yuan-denominated A-shares and foreign currency-denominated B-shares, opened at 3018.18 points and hit an all-time high of 3036.35 points in the afternoon but plunged to 2998.47 points when closing.

The component index of the smaller Shenzhen Stock Exchange also hit an all-time high of 8740.91 points but closed at 8,572.27 points, down 10.64 points.

The Shanghai index bounced back to 2,900 points on February 14, after slumping around the 2,600-mark last week. It closed at a record 2,993.01 points on Thursday, up 87.92 points over the previous close.