Mainland stock markets dip as investors seek quick profits

Stock markets on the Chinese mainland fell after profit-taking on media and technology stocks.

The Shanghai Composite Index on Wednesday retreated from the year-high point on the previous trading day, down by 0.23 percent or 5.12 points to 2,240.21 points. The Shenzhen Component Index inched down by 0.25 percent or 20.18 points to 8,023.07 points.

Combined turnover on the two bourses on Wednesday was 321.08 billion yuan ($51.81 billion), slightly up from Tuesday's 318.26 billion yuan.

Media and tech stocks declined on profit-taking after recent gains.

China National Software & Service Co fell by 4.70 percent to 26.38 yuan and Fujian Rongji Software Co shed 4.38 percent to 9.18 yuan.

Guangdong Guangzhou Daily Media Co and Wasu Media Holding dipped almost 5 percent to 19.90 yuan and 31.45 yuan, respectively.

The financial sector continued to drop on Wednesday. China Pacific Insurance (Group) Co ended 1.96 percent lower to 20.00 yuan and Industrial Bank Co fell by 1.05 percent to 10.41 yuan.

ChiNext, China's NASDAQ-style board for high-tech and start-ups listed in Shenzhen, also nudged down by 0.63 percent or 8.99 points to 1,427.40 points on Wednesday.