Mainland exchanges drop as bank, property falls erase gains for construction

China's stock markets saw a decline on Tuesday, dragged down by the oil, bank and property sectors.

The benchmark Shanghai Composite Index closed down by 0.89 percent or 30.22 points at 3,352.96 points on Tuesday. The Shenzhen Component Index declined by 1.16 percent or 135.09 points to 11,551.87 points.

The CSI 300 Index of the biggest companies traded on the bourses in Shanghai and Shenzhen fell by 0.92 percent to 3,574.93 points.

Total turnover on the two bourses on Tuesday was 729.06 billion yuan ($116.82 billion), up from Monday's 643.44 billion yuan.

On Tuesday, declines for oil, banking and property companies erased gains by auto and construction stocks. PetroChina Co and Sinopec plunged by 3.67 percent to 12.61 yuan and by 2.85 percent to 6.48 yuan, respectively. The oil sector fell by an average of 3.19 percent.

Banks fell more than 2.5 percent on average while the property sector dropped 1.37 percent. Bank of Communications fell by 3.40 percent to 6.53 yuan. Beijing Capital Development Co slumped by 5.91 percent to 10.66 yuan.

The ChiNext Index, China's NASDAQ-style board for high-tech and fast-growing start-ups, edged up by 0.22 percent or 3.89 points to 1,743.68 points.

In Hong Kong, the Hang Seng Index nudged down by 0.41 percent to 24,807.28 points, with total turnover of HK$94 billion ($12.13 billion).