Syria fears counter FTZ enthusiasm

Stock markets on the Chinese mainland closed with losses Wednesday as the possibility of US-led military intervention in Syria loomed large over global financial markets.

The Shanghai Composite Index gave up 2.27 points, or 0.11 percent, to end at 2,101.30; while the Shenzhen Component Index shed 82.39 points, or 0.99 percent, closing at 8,259.38.

The Shanghai Composite opened lower, but picked up momentum in the afternoon as investors cast a hopeful glance toward the upcoming Communist Party of China (CPC) plenary session scheduled for November. Local media reports say that further finance and taxation reforms are on the agenda for the meetings. External headwinds erased the early gains as the afternoon session progressed.

Trading was heavy throughout the day, with combined turnover totalling 263.64 billion yuan ($43.06 billion). up from Tuesday's 216.7 billion yuan.

Once again, Shanghai local stocks scored most of the day's biggest victories as fervor toward the city's soon-to-be constructed free trade zone (FTZ) showed few signs of abating. Shanghai International Port Group hit the 10-percent daily limit for the fourth straight day to end at 3.74 yuan. Shanghai Oriental Pearl (Group) Co Ltd?jumped 9.93 percent to 6.75 yuan.

The FTZ also lifted the shipping and aviation sectors, which rose by 6.54 percent and 4.95 percent respectively. China Merchants Energy Shipping Co Ltd ended at 2.31 yuan after running into the daily limit. Jiangxi Hongdu Aviation Industry Co Ltd spiked 9.15 percent to 17.89 yuan.