Finance, energy stock falls weigh on markets

Major mainland stock exchanges declined on Wednesday, dragged down by finance and energy stocks.

The Shanghai Composite Index fell below the 3,000 level, declining by 1.98 percent or 60.08 points to 2,972.53 points on Wednesday. The Shenzhen Component Index tumbled by 2.63 percent or 278.26 points to 10,292.52 points.

The CSI 300 index of the largest listed companies in Shanghai and Shenzhen fell by 2.84 percent to 3,230.39 points.

Total turnover on the two bourses was 583.97 billion yuan ($93.90 billion), down from the previous trading day's 634.30 billion yuan.

Brokerages led the decline on Wednesday, falling almost 7 percent on average. Changjiang Securities and CITIC Securities plunged by 9 percent to 14.86 yuan and 28.20 yuan, respectively.

Insurers and banks also weighed on the market. China Construction Bank dropped by 5.43 percent to 5.92 yuan and Bank of Communications fell by 5.35 percent to 5.84 yuan.

Oil, coal and steel companies had fallen in the previous trading session, and they continued to decline on Wednesday, with sharp drops for large companies such as PetroChina and Sinopec. PetroChina shed 3.07 percent to 9.48 yuan and Sinopec fell by 2.82 percent to 5.86 yuan. The ChiNext Index, China's NASDAQ-style board for high-tech and fast-growing start-ups, recovered after falls on Monday and Tuesday, rising 1.55 percent or 23.26 points to 1,519.80 points.

In Hong Kong, the Hang Seng Index traded for half a day on Christmas Eve. It rose by 0.07 percent to 23,351.23 points.