China's key stock index ended the morning session 2.38 percent higher on Thursday as boosted by blue chips and excessive liquidity

The benchmark Shanghai Composite Index, which covers both A- and B-shares, climbed to 3,248.56 points, 75.54 points higher from Wednesday's record closing of 3,173.02 points.

Heavyweights Industrial and Commercial Bank of China added 7.74 percent to 5.71 yuan, and Bank of China gained 7.50 percent to 5.73 yuan.

China Life, the country's biggest life insurer, climbed 5.09 percent to 36.93 yuan. Citic Securities, the largest publicly traded brokerage, rose 3.95 percent to 42.86 yuan.

The bright corporate earnings prospects and huge amounts of money rushing into the stock exchanges were providing sustained growth momentum to the bourses, but more fluctuations were also expected, according to Shenyin Wanguo Securities.

The China Securities Regulatory Commission (CSRC) said earlier that investors opened 4.69 million new accounts with the country's two stock exchanges in the first two months of this year, in a dash to cash in on the bull equity markets.

It said the number of stock investors in China totaled almost 82 million at the end of February.

Wang Yongbin, an analyst with Golden Sun Securities, however, warned that risks are accumulating in the stock markets as a large number of small investors rushed to the bourses