China stocks snap eight-day winning streak to end lower

BEIJING - Chinese stocks ended an eight-day winning streak to close lower Friday.

The benchmark Shanghai Composite Index closed down 1.95 percent at 3,383.32 points, while the Shenzhen Component Index ended 0.61 percent lower at 13,671.24 points.

People's Insurance Co (Group) of China said its major state shareholders plan to reduce holdings, dampening broader investor sentiment.

The combined turnover of stocks covered by the two indices stood at 1.62 trillion yuan ($231.62 billion), down from 1.72 trillion yuan the previous trading day.

Insurers and lenders led the declines. Ping An Insurance, one of the leading insurers in China, dipped 4.17 percent to end at 82.34 yuan a share. China Merchants Bank, one of the biggest lenders, fell 3.77 percent to 37.25 yuan a share.

Bucking the trend, medical stocks posted bullish performance. Shares of Bluesail Medical, a leading manufacturer of PVC gloves, jumped 10 percent to close at 31.78 yuan apiece.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 0.75 percent to close at 2,778.46 points.