China's key Shanghai Composite Index gains 1.2 percent, ending rocky week

Chinese shares rose Friday as investors snapped up bargain blue chips following losses earlier in the week.

The benchmark Shanghai Composite Index gained 1.2 percent to 2,831.53.

It has been a roller-coaster week for Chinese shares. On Tuesday, the Shanghai index tumbled nearly 9 percent triggering a sell-off in global markets before rebounding almost 4 percent Wednesday. The index fell nearly 3 percent on Thursday.

Trading was heavy in large cap shares like Baoshan Iron & Steel, which was up 0.9 percent to 9.40 yuan in late trading, and China Yangtze Power, which climbed 1.1 percent to 11.57 yuan, reports AP.

Investors remain cautious amid the absense of market-supporting measures from regulators, and analysts cautioned that the potential for further declines remains after last year's rally, which boosted Shanghai shares by 130 percent.

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