BEIJING, July 3 (Xinhua) -- Chinese equities gained for a third consecutive day Friday as real estate and coal shares rallied amid economic recovery optimism.

    The benchmark Shanghai Composite Index on the Shanghai bourse closed at 3,088.37 points, up 28.12 points, or 0.92 percent. It has gained more than five percent over the week.

    The Shenzhen Component Index closed at 12,258.79 points, up 288.07 points, or 2.41 percent.

    Turnover expanded to 267.12 billion yuan (39.28 billion U.S. dollars) from 266.19 billion yuan Thursday.

    More than half of the property shares rose more than five percent as developers are expected to benefit from the rising property price amid the economic revival. China Vanke climbed 6.97percent to 14.28 yuan. Poly Real Estate moved up 5.21 percent to 30.51 yuan.

    Coal stocks extended gains as China reported 3.59 percent of power output in June, ending an eight-consecutive-monthly decline, which indicated an expanding economy.

    China Shenhua, the nation's largest coal producer, edged up 5.19 percent to 33.45 yuan. Datong Coal Co. ended at 39.91 yuan, up 2.54 percent.

    Securities equities rose after regulator restarted the approval of the Initial Public Offering (IPO). Citic Securities, the nation's largest broker, increased 1.54 percent to 29.59 yuan. Haitong Securities rose 2.71 percent to 17.46 yuan.

    Changjiang Securities said in a note to clients that benchmark index is expected to experience a correction after breaking the 3,000 points Wednesday.

    Whether the government's stimulus measures could have an "obvious" impact decided the market's performance in the mid-to-long-term, it said.

    Chinese shares have climbed 65 percent since the beginning of the year.

Special Report:  Global Financial Crisis