(File photo: VCG)

BEIJING, Feb. 26 (Xinhua) -- Chinese stocks closed lower following sharp swings on Tuesday.

The benchmark Shanghai Composite Index lost 0.67 percent, closing at 2,941.52 points, while the Shenzhen Component Index closed 0.50 percent lower at 9,089.04 points.

The combined turnover of stocks on the two indices surged to 1.1 trillion yuan (about 164 billion U.S. dollars), up from 1.04 trillion yuan the previous trading day.

Most shares lost, with losers outnumbering gainers 771 to 630 on the Shanghai bourse and 1,196 to 871 on the Shenzhen bourse.

The financial industry and aircraft manufacturing industry were among the largest losers. Xishui Strong Year Co. Ltd. Inner Mongolia dropped 5.43 percent to close at 14.81 yuan per share, while Aerospace Hi-Tech Holding Group Co. Ltd. lost 3.22 percent to 12.32 yuan per share.