Chinese shares close 1.24 percent lower

Chinese share prices closed down 1.24 percent on Friday as losses in oil refineries and coal miners offset a rally in banks, dealers said.

They said coal miners were hit by rumors of a possible tax reform that could impact the industry, while refiners remained weak after oil prices raced to record highs.

The benchmark Shanghai Composite Index, which covers both A and B shares, closed down 33.64 points at 2,669.89.

The Shanghai A-share index lost 35.32 points or 1.25 percent to 2,800.11, while the Shenzhen A-share index shed 4.83 points, or 0.57 percent, to 845.62.

(Agencies)