Chinese shares closed lower Friday dragged down by the financial sector.

The benchmark Shanghai Composite Index went down 1.36 percent to end at 3,067.15 points. The Shenzhen Component Index closed 1.05 percent lower at 10,205.52 points.

Combined turnover stood at 354.1 billion yuan (55.3 billion U.S. dollars), down from 360.1 billion yuan the previous day.

Over 2,000 shares on the two bourses lost with the financial sector leading the decline.

The sub-index for the financial sector dropped 2.14 percent followed by 1.83 percent-decrease of the coal sector and 1.52 percent-decline of the environmental protection sector.

China Life Insurance Company shed 2.82 percent to close at 24.48 yuan per share and Southwest Securities lost 2.91 percent to close at 4 yuan per share.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, fell 1.09 percent to close at 1,711.52 points Friday.