Chinese shares close lower Thursday

BEIJING - Chinese stocks closed lower on Thursday, with the benchmark Shanghai Composite Index down 1.37 percent to end at 2,875.81 points.

The Shenzhen Component Index closed 1.94 percent lower at 9,316.68 points.

Combined turnover of the two bourses stood at 356.3 billion yuan ($54.8 billion), up from 348.2 billion yuan in the previous trading day.

Information technology equipment makers were among those suffering heavy losses as GRG Banking Equipment shed 8.17 percent to 5.62 yuan.

Bucking the trend, steelmakers continued to register significant gains. Xining Special Steel soared by almost the daily limit of 10 percent to 5.51 yuan, while Baotou Steel Union climbed 6.62 percent to 1.61 yuan.

Extensive growth was also seen in the coal sector, with Wintime Energy and Shanxi Coal International Energy Group achieving rises of 9.94 percent and 6.28 percent, respectively.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 2.69 percent to close at 1,521.68 points Thursday.