BEIJING, March 23 (Xinhua) -- China share prices extended record gains on Friday as the benchmark Shanghai Composite Index finished up 0.10 percent or 3.06 points at 3,074.29 points.

    The Shanghai Index, which covers both A- and B-shares, opened slightly higher at 3,071.81 points and ended at the all-time closing high of 3,074.29 points on turnover of 104.6 billion yuan (13.5 billion U.S. dollars).

    The index has reported gains for five days in a row and recovered from the 8.84 percent slump in ten years on Feb. 27.

    Analysts said its growth momentum would continue this year on strong corporate earnings prospects and excessive liquidity, but noted the gains would be slowed after it rose 130 percent in 2006.

    The smaller Shenzhen Component Index climbed up 0.65 percent, or 55.03 points, to finish at 8,489.86 points on turnover of 57.3 billion yuan (7.4 billion U.S. dollars).

    The Hushen 300 Index reflecting the whole fluctuation of China's two stock exchanges closed at 2,716.27 points, up 4.94 points from the previous close.

    Heavyweights the Industrial and Commercial Bank of China lost 0.77 percent to 5.15 yuan, ant the Bank of China was down 0.76 percent to 5.20 yuan.

    China Life, the country's biggest life insurer, slumped 1.02 percent to 34.00 yuan, and the Citic Securities, the nation's largest publicly traded brokerage, shed 2.74 percent to 40.41 yuan.

    China Petroleum and Chemical Corporation, known as Sinopec, rose 1.06 percent to 9.50 yuan and the China Unicom, the country's second biggest wireless phone operator, rose 1.73 percent to 5.28 yuan.

    Stock of Baoshan Iron & Steel, the country's largest steel producer, rose 0.44 percent to 9.10 yuan.

    Wang Sheng, an analyst at Haitong Securities, said the stock markets would very likely to face another major correction within no more than two weeks. The key Shanghai Composite Index touched the day's lowest of 3,008.15 points on Friday.

    Wang warned investors of possible losses in the short term as many of the heavyweights were losing growth momentum.

    The Shanghai A-share Index gained 0.10 percent, or 3.25 points, to close at 3,230.27 points, while the B-share Index lost 0.05 percent, or 0.09 points, to finish at 177.90 points.