Mainland exchanges keep falling amid profit-taking

Stock exchanges in the Chinese mainland continued to decline on Tuesday, with financial stocks weighing on the markets.

The benchmark Shanghai Composite Index fell by 17.64 points or 0.71 percent to 2,456.37 points on Tuesday. The Shenzhen Component Index declined by 87.21 points or 1.05 percent to 8,196.59 points.

Combined turnover on the two bourses on Tuesday was 319.11 billion yuan ($52.14 billion), down from the previous trading day's 354.28 billion yuan.

Financial stocks continued to lead the decline on Tuesday. Insurers dropped more than 2 percent while brokerages and banks fell almost 2 percent on average.

China Pacific Insurance (Group) Co fell by 2.87 percent to 19.96 yuan and Bank of China dipped by 2.98 percent to 2.93 yuan on Tuesday.

Last week, brokerages saw a strong gain ahead of the opening of the Shanghai-Hong Kong Stock Connect scheme, which was launched on Monday, but they have fallen back on profit-taking since the launch. CITIC Securities Co fell by 2.74 percent to 14.55 yuan and Haitong Securities Co sank 2.03 percent to 11.58 yuan.

Aviation, liquor, oil, coal and steel stocks saw an average decline of more than 1 percent on Tuesday. Kweichow Moutai Co slipped by 2.75 percent to 155.65 yuan and Sinopec dropped by 1.73 percent to 5.11 yuan.

Meanwhile, stocks linked to port and water transportation and IT saw a rise on Tuesday. Shanghai International Port Group Co and Yongyou Software Co both jumped by the daily limit of 10 percent to 5.83 yuan and 24.56 yuan, respectively.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups, closed up by 10.18 points or 0.69 percent at 1,481.86 points on Tuesday.