Mainland exchanges bounce back after morning dip

Mainland exchanges fell in morning trading on Tuesday but recovered to close in positive territory.

The benchmark Shanghai Composite Index edged up by 0.03 percent or 0.93 points to 3,351.45 points on Tuesday, having surged to a five-year high in the previous trading session. The Shenzhen Component Index rose by 1.28 percent or 147.38 points to close at 11,667.97 points.

The CSI 300 Index of the biggest companies traded on the bourses in Shanghai and Shenzhen was down by 0.01 percent to 3,641.06 points.

The two bourses registered total turnover of 839.90 billion yuan ($135.25 billion), slightly down from Monday's 847.64 billion yuan.

The China Securities Regulatory Commission approved 20 IPOs late on Monday, which led to a market drop in the morning session, with investors concerned about a possible diversion of funds from existing stocks.

On Tuesday, all listed insurers dipped almost 5 percent on average and shares linked to real estate companies also fell. China Pacific Insurance (Group) Co fell 5.77 percent to 31.36 yuan and Poly Real Estate Group lost 4.12 percent to 11.41 yuan.

The declines for insurance, brokerage and property stocks were balanced out by gains for transportation, pharmaceutical, IT and auto firms.

Strong gains in pharmaceutical and IT shares boosted the ChiNext Index, China's NASDAQ-style board for high-tech and fast-growing start-ups.

ChiNext rose by 5.12 percent or 75.05 points to 1,539.83 points on Tuesday.

Huayi Brothers Media Corp and Leshi Internet Info and Tech Corp rose by 8.56 percent and 5.68 percent to 29.16 yuan and 37.41 yuan, respectively.

In Hong Kong, the Hang Seng Index fell by 0.99 percent to 23,485.41 points, with total turnover of HK$114.74 billion ($14.01 billion).