Mainland markets close lower after early gains

Stock markets in the Chinese mainland closed down on Tuesday, reversing a gaining trend in morning trade.

The benchmark Shanghai Composite Index declined for a third consecutive trading day on Tuesday, falling by 6.53 points or 0.28 percent to 2,359.48 points on Tuesday.

The Shenzhen Component Index shed 24.11 points or 0.30 percent to 8,139.96 points.

Combined turnover on the two bourses on Tuesday was 371.47 billion yuan ($60.61 billion), slightly down from the previous trading day's 380.61 billion yuan.

Real estate developers fell back from recent gains on profit-taking. Among China's two largest developers by sales, Poly Real Estate Group Co dipped by 1.36 percent to 5.82 yuan and China Vanke Co declined by 1.35 percent to 9.51 yuan.

Coal companies also retreated from the previous trading day's rally driven by an announcement of a tax reform for the sector.

Financial stocks continued to weigh on the markets on Tuesday. West Securities Co slid 2.03 percent at 14.49 yuan, while China Everbright Bank Co dipped 1.09 percent to 2.71 yuan.

Meanwhile, steel and oil sectors and military-related stocks bucked the trend. Arms maker NORINCO International Cooperation Ltd and military products maker Jihua Group Corp jumped by the daily limit of 10 percent to 18.13 yuan and 5.25 yuan, respectively.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, lost 9.21 points or 0.59 percent at 1,539.12 points on Tuesday.