Chinese share prices finished slightly higher after volatile trading on Friday. Financial stocks led the advance.

The benchmark Shanghai Composite Index, which covers both A and B shares, rose 28.14 points, or 0.52 percent, to 5,484.68. It managed to return to positive territory in late afternoon trading after hitting an intraday lowest of 5,423.81.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange finished up 77.31 points, or 0.41 percent, at 19,016.59.

Losers led winners by 488 to 309 in Shanghai and by 352 to 254 in Shenzhen. Combined turnover shrunk to 228.55 billion yuan (31.4billion U.S. dollars) from 266.25 billion yuan in the previous trading session.

Financial stocks posted strong gains after recent weakness. HuaXia Bank jumped by the daily limit of ten percent to 22.95 yuan. Shanghai Pudong Development Bank climbed 8.13 percent to 61.59 yuan.

Ping An Insurance, the nation's No. 2 insurer, added 2.44 percent to 109.69 yuan.

The airlines were also the intraday's winners, as boosted by the news that the nation's civil aviation industry earned 74 percent more profits in the first 11 months of last year.

Flag carrier Air China rose 1.71 percent to 28.50 yuan and China Southern, the nation's largest carrier by fleet size, gained 1.86 percent to 27.36 yuan.

The volatile trading came as profits-taking led to falls in steel and small-cap stocks and amid worries about possible introduction of cooling measures over the weekend, according to Bohai Investment.

Tangshan Iron and Steel slumped 1.85 percent to 27.00 yuan and Baoshan Iron and Steel slipped 0.15 percent to 19.34 yuan.

Most power and oil firms continued weakness after the State Council , or China's cabinet, ordered on Wednesday to freeze electricity and fuel prices in the near future to curb inflation.

China Yangtze Power fell 2.54 percent to 19.21 yuan. China Petroleum and Chemical Corporation, or Sinopec , fell 1.69 percent to 23.30 yuan.