Shanghai stocks surge 4.82% by the close

Shanghai stocks closed up 4.82 percent on Friday, rising for a second day on strong US growth figures and a global market rally, amid speculation the government is also supporting the market, dealers said.

China's benchmark Shanghai Composite Index surged 148.76 points to 3,232.35 on turnover of 474.6 billion yuan ($74.2 billion). Despite two days of substantial gains, the index still lost 7.85 percent for the week.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, soared 5.40 percent, or 94.62 points, to 1,846.83 on turnover of 425.0 billion yuan. It fell 9.44 percent over the week.