China Mobile Ltd. [[CHL]] gained more than $4.37 billion in market capitalization Friday as shares gained 1.94%. Shares of China’s largest cellphone company moved on news that its new online application store, Mobile Market, would go live this month.

China Petroleum & Chemical Corp. [[SNP]] lost more than $2.31 billion in market capitalization Friday as shares lost 2.95%. The company better known as Sinopec was particularly hard hit on a day that was generally bad for energy companies. The energy sector lost 0.28% of its value with PetroChina Company Ltd. [[PTR]] and CNOOC Ltd. [[CEO]] also down.

PetroChina Company Ltd. [[PTR]] lost $9.3 billion in market value today it today’s top loser by market capitalization. Though the energy sector was down generally today, Chinese refiners were particularly hard hit due to China’s cut of fuel prices.

The Chinese government totally controls gasoline and diesel prices, and in an unexpected move it cut prices by more than 3% – cut that comes almost directly from PetroChina’s margins. Fellow Chinese refiners China Petroleum & Chemical Corp. [[SNP]], more commonly known as Sinopec, and CNOOC Limited [[CEO][ also dropped significantly.