Chinese main stock index closed 1.08 percent higher on Friday, buoyed by strength in oil refiners after a fresh slide in global crude oil prices, while property shares were hit by profit-taking after gains earlier this week. The Shanghai Composite Index ended at 1,930.651 points, off the day's high of 1,941.299. Gaining Shanghai A shares outnumbered losers by 662 to 237.
Investors believe Chinese authorities, who last month launched a rescue plan for the market, may take further action to try to prevent any extended fall by the index below the psychologically important level of 2,000 points - perhaps an expansion of share purchases by a government fund.
Top oil refiner Sinopec gained 1.65 percent to 8.60 yuan while PetroChina, the biggest stock in the index, climbed 1.93 percent to 12.13 yuan. Sinolink Securities surged 7.87 percent to 25.90 yuan after estimating its third-quarter net profit rose 42 percent to at least 175 million yuan, because of a merger and the sale of financial assets. Major real estate developer Vanke fell 0.59 percent to 6.75 yuan after gaining nearly 15 percent since the start of the week.
GD Power Development slipped 3.39 percent to 5.41 yuan after estimating its net profit in the first nine months of this year shrank at least 80 percent from a year earlier, partly because of high coal prices. Great Wall Electrical sank 2.80 percent to 4.16 yuan after saying that because of poor market conditions, it had cancelled a share placement that was to have raised 367 million yuan to develop and commercialise new products.