Media, IT shares advance as markets edge lower

Stock markets on the Chinese mainland ended a tumultuous trading day with losses Wednesday as profit taking set in.

The Shanghai Composite Index surrendered 6.02 points, or 0.29 percent, to 2,100.14; while the Shenzhen Component Index declined 25.84 points, or 0.31 percent, to 8,336.81.

Combined turnover of the two exchanges reached 211.9 billion yuan ($34.63 billion). up from Tuesday's 203.2 billion yuan total.

Internet, communications, logistics, automotive and media shares scored most of Wednesday's biggest wins. Drops in the nonferrous metal, steel and media sectors proved too powerful for the Shanghai Composite and Shenzhen Component to overcome. Among nonferrous metals producers, Sichuan Western Resources Holding Co slumped 3.47 percent to 8.07 yuan. Ningbo Yunsheng High-tech Magnetics Co gave up 2.9 percent to 17.40 yuan.

The China Securities Journal reported Wednesday that authorities in Wenzhou will modify their curbs on the local housing market and allow first-time buyers to purchase two houses in the city. Wenzhou enacted limitations on the ownership of multiple properties in March 2011. Despite this news, shares of real estate developers drifted mostly lower on the day. Poly Real Estate Group Co shed 0.18 percent to 11.40 yuan. China Vanke Co declined 0.69 percent to 10.09 yuan.

After a shaky morning session, media equities bounced back to finish the afternoon on a high note. Central China Land Media Co hit the 10 percent daily limit to close at 12.79 yuan. Zhejiang Huace Film & TV Co climbed 2.56 percent to 29.23 yuan.

IT stocks got a lift after Miao Yu, head of China's Ministry of Industry and Information Technology, reportedly said the State Council is expected to release policies encouraging the consumption of IT products and services.