Shanghai Composite Index sets new yearly low

Chinese stocks closed lower on Thursday, with the benchmark Shanghai Composite Index down 1.74 percent to 3,005.39 points.

The Shenzhen Component Index closed 1.65 percent lower at 9,655.09 points.

The combined turnover of stocks covered by the two indices totaled 812.7 billion yuan (US$113.19 billion), up from 766.6 billion yuan on the previous trading day.

The Shanghai Composite Index led the losses, closing at its lowest point this year.

Stocks in the liquor and banking sectors led the losses, with Kweichow Moutai Co., Ltd. falling 5.67 percent and the Industrial and Commercial Bank of China shedding 2.03 percent. Shares related to the semiconductor, securities, and satellite navigation sectors led the gains.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, fell 1.28 percent to close at 1,913.7 points on Wednesday.