BEIJING - Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 1.06 percent to 2,970.39 points.

The Shenzhen Component Index closed 1.99 percent higher at 8,870.36 points.

The combined turnover of stocks covered by the two indices stood at 787 billion yuan (about $110.3 billion), up from 677.6 billion yuan recorded on the previous trading day.

Shares related to online car-hailing and energy metals led the gains, while those in the banking sector suffered major losses.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 2.06 percent to close at 1,685.12 points on Thursday.