BEIJING, March 22 (Xinhua) -- China share prices hit new high on Thursday as the benchmark Shanghai Composite Index added 0.45 percent, or 13.85 points higher, to finish at 3,071.23 points.

    The Shanghai Index, which covers both A- and B-shares, has reported gains for four days in a row.

    It opened at 3,080.60 points and even reached the day's highest of 3,099.82 points with a turnover of 113.9 billion yuan.

    The smaller Shenzhen Component Index ended up 0.41 percent, or 34.53 points higher, at 8,434.83 points with a turnover of 60.5 billion yuan.

    The Hushen 300 Index reflecting the whole fluctuation of China's Shanghai and Shenzhen stock exchanges closed at 2,711.32 points, up 8.73 points from the previous close.

    Heavyweight China Petroleum and Chemical Corporation, known as Sinopec, rose 3.87 percent to 9.40 yuan and the Industrial and Commercial Bank of China gained 0.58 percent to 5.19 yuan.

    China Life, the country's biggest life insurer, slumped 0.75 percent to 34.35 yuan, while Bank of China lost 1.32 percent to 5.24 yuan.

    Stock of Baoshan Iron & Steel, the country's largest steel producer, rose 1.12 percent to 9.06 yuan.

    Analysts said the newly-released better-than-expected performance of many public traded companies and excessive liquidity have boosted investors' confidence and led to stock market rally.

    Analysts believed the future expansion of the stock markets would be led mainly by heavyweights, especially the financial institutions.