Chinese equities ended five consecutive days of gains on Friday after the government lifted electricity prices.

The benchmark Shanghai Composite Index was down 0.37 percent, or 12.27 points, to close at 3,308.35. The Shenzhen Component Index fell 0.03 percent, or 4.4 points, to close at 13,695.15.

Combined turnover jumped to 325.66 billion yuan (US$47.89 billion) from 320.2 billion yuan (US$46.9 billion) on the previous trading day.

Nine of the 28 shares in the ChiNext market for start-up stocks were up.

"A small correction was good for the overall health of the market after it had gained for three weeks in a row," said Zhang Zhaowei, analyst with the Guojin Securities.

The electricity price rise for industrial and business users, which was announced on Thursday, was the first such move in 16 months and complied with the government's pledges to liberalize resource prices to reflect market demand.

Power generators rallied on expected higher profits after the price hike while big electricity consumers declined for rising production costs.

PetroChina Ltd., Asia's largest oil producer, fell 0.9 percent to 14.03 yuan (US$8.05). China Petroleum and Chemical Corp., Asia's largest refiner, ended at 12.53 yuan (US$1.83), down 1.8 percent.

Leading power generators such as Huadian Power International Corporation Ltd., advanced 0.52 percent to 5.85 yuan (US$0.85). Huaneng Power International Incorporation, added 0.12 percent to 8.54 yuan (US$1.25).

Natural gas producers fell as an official with the National Development and Reform Commission (NDRC), the nation's economic planning agency, said on Thursday that an expected natural gas price hike would not come within the year.

Shaanxi Provincial Natural Gas Co., Ltd declined 1.75 percent to 23.60 yuan (US$3.45). Changchuan Gas bucked the trend by rising 9.97 percent to 10.59 yuan (US$1.55) on declining coal prices.

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