(Yicai Global) July 2 -- China's mainland stock markets spiraled to a four-month high in the afternoon with a dramatically surging trading volume as market confidence swelled after Shanghai's major index nudged the key level of 3,000 yesterday.

The Shanghai Composite Index closed 2.13 percent up at 3,090.57. The Shenzhen Component Index went to 12,269.49 in a 1.29 percent climb. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, rose 0.2 percent to 2,424.39.

The trading volume of the two markets grew nearly 20 percent from yesterday to CNY1.08 trillion (USD152.7 billion), the first time for transactions to break the CNY1 trillion barrier in nearly four months.

The financial sector saw a full blown upswing as security brokers rose 7 percent, insurance firms scaled up 5 percent and banks climbed 2 percent. The property, food and beverage, energy, transport and other traditional sectors all gained over 2 percent, while tech firms made a poor showing by contrast.

Editor: Ben Armour