BEIJING, April 6 (Xinhua) -- China's equity markets continued a bullish trend on Friday despite a modest downward adjustment in the morning session due to central bank's hike of reserve requirement ratio Thursday.

The benchmark Shanghai Composite Index climbed up 4.45 points, or 0.13 percent, from the previous day to end Friday trading at a new record high of 3,323.59 points, with transaction volume at 123.596 billion yuan (16.1 billion U.S. dollars).

The key stock indicator, which tracks both A- and B-shares, fluctuated between 3,273.86 points and 3,334.22 points, fortifying above the 3,300-point level.

The Component Index on the Shenzhen Stock Exchange also posted a new record gain--up 106.76 points, or 1.17 percent--to close at 9,268.23 points on a turnover at 67.869 billion yuan (8.8 billion U.S. dollars).

The combined turnover for the two bourses recovered from the Thursday loss to 191.465 billion yuan (24.9 billion U.S. dollars).

Major regulatory factor behind Friday market performance was a new reserve requirement hike.

On Thursday, the People's Bank of China, the central bank, announced it raised reserve requirement ratio by 0.5 percentage points, which was the third hike for the current year. The aim was to further reduce banks' lending ability and hence stabilize the nation's economy.

Under the regulatory background, the stock markets moved downward at the opening session, but investors continued to buy in. The purchases helped drive up the whole markets eventually.

Analysts said despite new macro economic control efforts, capital inflow continued and investors remained confident on the equity markets under the sustained bullish run.

Huiyang Investment noted shares with impressive corporate earnings were in favor. Those in non-ferrous metal, pharmaceutical,electricity, coal and new energy sectors gained more than one percent.

Progress in institutional reform of the capital markets, continuous economic prosperity and regulatory support contributed to the record-setting market performance over past few years, according to CITIC Securities.

On Friday, the Hushen 300 Index, which reflects the whole fluctuation of China's Shanghai and Shenzhen stock exchanges, closed at 2,972.01 points, up 26.96 points, or 0.92 percent, from the previous close.