Bourses on the Chinese mainland put another win under their belts Friday, and analysts speculate that A-shares can continue climbing in the days ahead provided sentiment holds up.

The key Shanghai Composite Index surged 1.38 percent, or 31.06 points, to finish Friday at 2,282.87; while the Shenzhen Component Index added 2.04 percent, or 184.95 points, to end at 9,246.28.

Combined turnover at the two exchanges also jumped to 234 billion yuan ($38.12 billion) for the day, up from 226 billion yuan Thursday.

Amid rumblings on the policy front, gains in the property development and coal sectors acted as the biggest forces behind the day's rally.

Real estate stocks were catapulted higher after reports surfaced that the government may ease its controls on the housing market. Gemdale Corp rose 3.49 percent to 7.71 yuan.

Meanwhile, the coal sector outperformed after investors caught wind of rumors that authorities might restrict imports of low quality coal. China Shenhua Energy Co increased 2.52 percent to 21.15 yuan.

After rising above its 60-day moving average Friday, stock watchers believe that the Shanghai Composite may have pulled out of its recent trough and could soon cross the 2,300-point mark.

But whether the market extends its lead over the short term will largely depend on whether daily turnovers can stay above 200 billion yuan, say experts.

News about the resumption of initial public offering (IPO) reviews was once again mentioned as a potential wildcard in terms of the market's near-term trajectory as regulators continue cracking the whip on securities fraud.

Looking further ahead though, analysts predict that equities will continue to pick up traction as more foreign investors are allowed to enter the Chinese capital market via the country's Qualified Foreign Institutional Investors (QFII) program.

Authorities dished out $137 million in new QFII quota in April, according to figures issued Thursday by the State Administration of Foreign Exchange.