China's major stock indices closed lower Thursday, dragged down by weak performance of banking heavyweights.

The benchmark Shanghai Composite Index went down 0.87 percent to end at 3,180.16 points, while the smaller Shenzhen Component Index closed 0.75 percent lower at 10,726.95 points.

Combined turnover on the two bourses shrank to 428.6 billion yuan (68.2 billion U.S. dollars) from 574 billion yuan the previous trading day.

More than 2,200 shares slumped among the two bourses.

Shares in the banking, nonferrous metal and construction materials sectors led the decline, with Shenzhen Liande Automatic Equipment and Wuxi Acryl Technology slumping by the daily limit of 10 percent.

Bucking the trend, Hainan-related shares led the gains. Hainan Dadonghai Tourism Center, for example, saw its shares surge by the daily limit of 10 percent.

Shares of Hainan Strait Shipping, Hainan Ruize New Building Material, and Hainan Shennong Gene Technology were up over 5 percent.

The Boao Forum for Asia annual conference 2018 concluded Wednesday in the southern island province of Hainan, with major achievements made in promoting globalization amid rising uncertainties in the world.

The four-day conference attracted more than 2,000 participants and over 1,000 journalists and discussed topics such as the Belt and Road Initiative, opening-up, innovation, and structural reform and put forward proposals.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.01 percent to close at 1,900.25 Thursday.