China's key stock index ended a 11-day winning streak Monday as strong heavyweights such as banking and insurance shares failed to lift market sentiment.

The benchmark Shanghai Composite Index went down 0.54 percent to end the day at 3,410.49, while the Shenzhen Component Index closed 1.35 percent lower at 11,307.46.

Combined turnover on the two bourses stood at 585.7 billion yuan (90.7billion U.S. dollars), up from 461.3 billion yuan the previous trading day.

Banking shares rose on expectations of wider international use of the Chinese currency.

Ping An Bank gained 4.8 percent to close at 14.2 yuan per share, while China Merchants Bank went up 1.36 percent to 31.94 yuan.

Pharmaceutical companies also led the gains as demand increased due to the winter flu outbreak.

Lukang Pharmaceutical surged by the daily limit of 10 percent to close at 9.13 yuan per share, while Yangzhou Pharmaceutical gained 3.61 percent to 9.18 yuan.

The ChiNext Index, which tracks China's NASDAQ-style enterprises, lost 2.97 percent to close at 1,732.62.