Looking ahead, Pang said that trade will remain volatile next week.
SHANGHAI
Share prices closed sharply higher, adding 4.22 percent to bring gains for a remarkable year to 130 percent as both foreign and domestic investors bet big on China's booming growth story.
Dealers said a fifth consecutive record breaking day was driven by year-end window-dressing and a rising yuan, with heavyweight banks, property developers and airlines snapped up on the last trading day of the year.
They said the market now looks well set to test new highs early next year but that with current valuations beginning to look stretched, there is likely to be a correction at some point.
The Shanghai A-share Index soared 114.04 points to 2,815.13 and the Shenzhen A-share Index was up 11.67 points or 2.09 percent at 569.58.
The Shanghai Composite Index, which covers A and B-shares, closed up 107.88 points or 4.2 percent at 2,675.47, a fresh all-time high.
SYDNEY
Share prices ended the year at record levels, adding 0.17 percent despite a lack of strong momentum in the half-day trading session.
Dealers said while some investors were tempted to lock in profits, most held off selling on the strong prospects for corporate earnings, merger and acquisition activity and the expectation of continued growth in price earnings multiples despite the market's record-breaking run.
The S and P/ASX 200 climbed 9.4 points to 5,669.9. Trading was light, with 824.7 million shares changing hands.
SINGAPORE
Share prices capped the year by closing at another record high, boosted by gains in small-caps.
The Straits Times Index rose 22.34 points to 2,985.83. Volume was 1.84 billion shares.
"There is some window-dressing, but volumes on blue chips are light. You see more activity on the second-liner and third-liner stocks," said a dealer with a foreign brokerage.
Singapore Telecommunications led blue-chip winners with a gain of 0.04 to close at 3.28. Singapore Airlines added 0.10 to 17.50 while ST Engineering dropped 0.02 to 3.08.
KUALA LUMPUR
Share prices closed 0.68 percent higher on the year's final trading session, as blue-chips were boosted by last-minute window dressing.
Dealers said plantation stocks attracted follow-through interest on the back of higher crude palm oil prices.
The composite index closed up 7.39 points to 1,096.24. Volume totaled 995.02 million shares.
BANGKOK
Share prices closed flat, amid expectations for a rebound after the New Year holiday weekend following last week's plunge due to new foreign currency rules.
Dealers said there was a lack of good news to boost Thai trading as the baht remained strong despite the stiff currency rules, while the central bank is unlikely to cut interest rates next month.
The composite index lost 0.63 points to 679.73 on turnover of 1.3 billion shares.
The Thai market will open only three days next week after the New Year holiday tomorrow and Tuesday.
Foreign investors, who make up some 40 percent of the Thai stock market, remained cautious of government economy policy after last week's abrupt U-turn on currency rules aimed at curbing the baht.
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