(Yicai Global) Sept. 1 -- China's stock markets closed higher on the first trading day of September. Both the Shanghai Composite Index and the Shenzhen Component Index hit new highs.

The Shanghai Composite Index closed higher at 3367.12 points, up 0.19 percent, but hit 3381.93 points, the highest since January 2016, during the initial hour of the afternoon trade. The trading volume reached a total of CNY313.7 billion (USD47.7 billion) during Friday's trading, a new high since April this year.

The Shenzhen Component Index was up 0.59 percent to close at 10,880.56 points, also reaching a new high since December 2016.

The Growth Enterprise Index rose 0.86 percent to close at 1,865.25 points, making strides particularly in the afternoon session.

The stocks of coal mining and steel manufacturing pulled back in the afternoon session, but still showed the best performance of the day. The steel stocks jumped 4.55 percent, while the coal stocks surged 4.43 percent. The stock related to the blockchain closed higher, rising 2.72 percent.