Mainland stock exchanges decline

Stock markets in the Chinese mainland remained sluggish Wednesday, while China's NASDAQ-style board for fast-growing firms rose by almost 4 percent, backed by news that China will allow insurers to invest in the market.

The benchmark Shanghai Composite Index dropped by 2.98 points or 0.15 percent to 2,044.34 points on Wednesday, the lowest level since August 2. The Shenzhen Component Index declined by 4.17 points or 0.05 percent to 7,802.14 points, falling for a fifth consecutive day.

Combined turnover on the two bourses on Wednesday was 175.63 billion yuan ($29.02 billion), up from Tuesday's 140.88 billion yuan.

Media, electronic information, network security and brokerage stocks outperformed on Wednesday while non-ferrous and coal firms saw declines.

Shandong Gold Mining Co slid 3.92 percent to 16.67 yuan while Henan Dayou Energy Co declined by 3.15 percent to 6.45 yuan.

Shares in ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, rose by nearly 4 percent following the news that the China Insurance Regulatory Commission will allow insurers to invest in ChiNext-listed firms.

Companies linked to network securities, many of which are listed on ChiNext, gained strongly. Xiamen Meiya Pico Information Co, Beijing VRV Software Corp, and Bluedon Information Security Tech Co all soared by the daily limit of 10 percent.

ChiNext rose by 52.75 points or 3.90 percent to 1,405.02 points on Wednesday.