Chinese shares close up 3.01 percent

Chinese share prices closed 3.01 percent higher on Friday as oil and utilities stocks rose sharply after a sudden government fuel price hike, dealers said.

Oil majors and power firms surged after the announcement late Thursday that petrol and diesel prices would go up by as much as 18 percent.

But airlines and automakers were pressured by rising fuel costs, taking off some of the market's peak intraday gains.

The benchmark Shanghai Composite Index, which covers A and B shares, closed up 82.86 points at 2,831.74 on turnover of 79.2 billion yuan (10.2 billion dollars).

The Shanghai A-share Index was up 87.04 points, or 3.02 percent, at 2,970.93 on turnover of 78.8 billion yuan. The Shenzhen A-share Index added 14.85 points, or 1.82 percent, at 831.92 on turnover of 34.3 billion yuan.

(Agencies)