BEIJING, March 8 (Xinhua) -- Chinese stocks closed lower Friday, with the benchmark Shanghai Composite Index down 4.40 percent, at 2,969.86 points. The Shenzhen Component Index closed 3.25 percent lower at 9,363.72 points.

Combined trading volume of the two indexes came in at 1.18 trillion yuan (around 176 billion U.S. dollars), breaking the 1-trillion level for a third straight day this week.

Losers outnumbered gainers 1,333 to 111 on the Shanghai bourse and 1,859 to 260 on the Shenzhen bourse.

The Financial sector was among the largest losers on Friday, with Southwest Securities Co. Ltd. dropping by the daily limit of 10 percent to close at 5.46 yuan per share.

Meanwhile, the materials and foreign trade sector also saw a notable decline. Jiangsu Holly Corporation, a Jiangsu-based foreign trade company, shrunk 9.97 percent to 10.20 yuan per share.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, lost 2.24 percent to close at 1,654.49 points. Enditem

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