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The country's shares closed lower on Friday as investors cashed in recent gains of select stocks, worried about a liquidity crunch due to an impending share offer from a unit of the Three Gorges Dam project, brokers said.

The benchmark Shanghai composite index, grouping hard-currency B shares for foreigners and yuan-denominated A shares, dropped 1.1 per cent to 1,431.533 points.

Yangtze Electric Power Corp is planning to launch one of China's largest initial public offerings this month, raising about 10 billion yuan (US$1.2 billion), a market source said.

Investors took quick profits in stocks that had rebounded recently despite a weak market.

Fenghua Aerospace High-tech Co was the biggest decliner on the southern Shenzhen bourse, sliding 5.21 per cent to 13.65 yuan (US$1.6). Its A shares, open to local and select foreign investors, soared 7.4 per cent to end at 14.95 yuan (US$1.8) on Wednesday.

Hang Seng rises slightly higher

Prices on the Hong Kong Stock Exchange rose slightly higher on Friday, with the key index closing at a fresh 14-month high.

The blue chip Hang Seng Index gained 31.99 points, or 0.29 per cent, to 11,170.61. On Thursday, the index had 36.26 points, or 0.33 per cent.

Investors took their cue from Thursday's gains on Wall Street, where the Dow Jones industrial average advanced 19.44, or 0.2 per cent, to 9,587.90, while the NASDAQ composite index climbed 16.08, or 0.9 per cent, to 1,868.98.

Turnover in Hong Kong amounted to HK$12.54 billion (US$1.60 billion), down from Thursday's HK$18.92 billion (US$2.43 billion).

In the banking sector, HSBC Holdings rose 50 cents to HK$101.50, and Hang Seng Bank was steady at HK$88.00.

Among telecommunications companies, China Telecom rose 40 cents to HK$21.30, and PCCW Ltd. rose 2 cents to HK$4.60.

Elsewhere, Sun Hung Kai Properties fell 25 cents to HK$59.00, and Cathay Pacific Airways was steady at HK$13.50.

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