BEIJING - Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.88 percent to 3,088.87 points.

The Shenzhen Component Index closed 1.23 percent lower at 9,424.58 points.

The combined turnover of stocks covered by the two indices reached 763.9 billion yuan (about $107.44 billion), down from 847.7 billion yuan recorded on the previous trading day.

The property sector suffered major losses, while shares related to power, water and gas supplies saw the biggest gains.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.81 percent to close at 1,818.56 points Friday.