China stocks rally on EU growth pact -- June 29

BEIJING - Chinese stocks closed higher on Friday, as worries over eurozone debt crisis eased after European Union leaders reached broad agreement on a growth deal.

The benchmark Shanghai Composite Index gained 1.35 percent, or 29.59 points, to close at 2,225.43.

The Shenzhen Component Index closed at 9,500.32, up 1.25 percent, or 117.05 points.

European Council President Herman Van Rompuy said Thursday that EU top leaders have agreed to mobilize 120 billion euros ($150 billion) for immediate growth measures.

Separately, EU leaders agreed early Friday morning on a future framework for the European banking safety net to directly recapitalize commercial banks.