Markets sputter as FTZ euphoria flares out

Stock markets on the Chinese mainland tumbled Tuesday as global market jitters and pre-holiday malaise in China set in among A-share investors.

The Shanghai Composite Index gave up 45.84 points, or 2.05 percent, to end at 2,185.56; while the Shenzhen Component Index dropped 165.22 points, or 1.91 percent, to close at 8,493.78.

Combined turnover fell to 239.88 billion yuan ($39.19 billion), down from Monday's 244.52 billion yuan.

Few sectors withstood the day's broad downward pressure. Shipping and aviation shares were the biggest laggards, with average losses of 6.49 percent and 4.59 percent respectively. The heavily weighted financial, property and mining sectors also weakened.

Equities exposed to Shanghai's free trade zone (FTZ) contracted as major investors locked in their profits following a lengthy run-up. Shanghai International Port (Group) Co plummeted by the 10-percent daily limit to end at 5.87 yuan. Shanghai Jinqiao Export Processing Zone Development Co dropped 7.46 percent to 13.28 yuan.

Property development shares were cut loose as well, with sector powerhouse China Merchants Property Development Co bottoming out at 25.38 yuan after plunging 10 percent.

Two of the sector's other heavy hitters, Gemdale Corporation and China Vanke Co, were down by more than 3 percent.