(Yicai Global) Dec. 30 -- China's stock markets closed higher thanks partly to a strong showing by mainland-listed brokerages after the legislature approved a revision to the Securities Law that could benefit them by paving the way for more businesses to go public.

The securities sector led the market's gains, locking in a collective 4.9 percent increase at the end of trading. Citic Securities [SHA:600030], the nation's biggest brokerage, surged by the exchange-imposed daily limit of 10 percent to CNY25.66 (USD3.67), while CSC Financial [SHA:601066] jumped 7.4 percent to CNY30.95. Another big player, Huatai Securities [SHA:601688], rose 6 percent to CNY20.60.

Over the weekend, the National People's Congress gave the green light to amendments of the Securities Law that would gradually allow for more registration-based initial public offerings. That's a less rigorous IPO process that is being successfully used by the new Nasdaq-style Star Market in Shanghai.

Insurance companies and liquor makers also helped to lead mainland stock markets higher, with both sectors advancing more than 2.6 percent.

The Shanghai Composite Index finished 1.16 percent higher today at 3,040.02, while sci-tech stocks trading on the Star Market inched up 0.03 percent. The Shenzhen Component Index stood at 10,365.96 after a 1.29 percent jump. The ChiNext Price Index, which tracks Shenzhen-listed growth enterprises, finished 1.28 percent higher at 1,790.24.

Editor: Ben Armour