Mainland stock markets maintain upward trend, ChiNext plunges

Stock markets in the Chinese mainland nudged up on Wednesday but ChiNext saw a big decline with new IPOs approaching.

The Shanghai Composite Index inched up by 0.14 percent or 3.01 points to 2,078.49 points on Wednesday. The Shenzhen Component Index ticked up 0.04 percent or 2.65 points to 7,375.31 points.

The combined turnover on the two bourses on Wednesday was 228.73 billion yuan ($36.89 billion), up from Tuesday's 211.86 billion yuan.

The finance, real estate and nonferrous sectors outperformed on Wednesday.

The nonferrous sector continued to gain on Wednesday as aluminum price hit 16-month high in the London Metal Exchange on Monday. Henan Zhongfu Industrial Co jumped by the daily limit of 10 percent for a second straight day to 4.91 yuan.

All of the four listed insurers also climbed on Wednesday. Shares in New China Life Insurance Co were up 3.95 percent to 23.15 yuan.

The auto sector fell back on Wednesday after the policy-backed gain on the previous trading day.

Anhui Ankai Automobile Co declined by 6.25 percent to 5.25 yuan on Wednesday and Wan-xiang Qianchao Co shed 3.51 percent to 13.18 yuan.

On Wednesday, five companies began accepting IPO subscriptions, four of which are for ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen. Investors are concerned that new IPOs would divert funds from existing shares.

ChiNext plummeted by 2.73 percent or 36.26 points to 1,293.09 points on Wednesday.