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Share prices at China's Shanghai and Shenzhen stock exchanges rallied Friday morning, with the major index in Shanghai surpassing 1,900 for the first time in five years.

Driven by banking stocks, the benchmark Shanghai Composite Index, which covers both A- and B-shares, rose 18.95 points to 1,915 points. The Shenzhen Component Index closed at 4,872.1 points, up 2.5 points.

Following rapid rises in recent weeks, the China Merchants Bank closed its morning session, up 0.67 yuan, or an increase of 5.7 percent. The Pudong Development Bank rose 0.92 yuan, up 6.25 percent.

The banking giant ICBC rose 9 cents, up 2.6 percent, to close at 3.49 yuan, following a record high of 3.51 yuan earlier on Friday since its debut last month. The Bank of China also rose 5 cents to close at 3.49 yuan.

Petrochemial giant Sinopec went up 0.20 yuan, up nearly 3 percent.

(For more biz stories, please visit Industry Updates)