BEIJING - Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.46 percent to 3,875.53 points.

The Shenzhen Component Index closed 1.05 percent higher at 12,828.95 points.

The combined turnover of these two indices stood at 2.75 trillion yuan (about $386.9 billion) -- down from 2.8 trillion yuan on the previous trading day.

Shares of innovative-drug makers and memory-chip manufacturers rallied sharply, while insurance, securities and banking stocks suffered major losses.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 2.29 percent to close at 2,956.37 points.