Markets split for second day

Stock markets on the Chinese mainland finished on opposite sides of the break-even point for a second day Thursday as investors searched for direction. Financial, mining and nonferrous metal stocks were heavily traded.

The Shanghai Composite Index lost 20.84 points, or 0.94 percent, to end at 2,190.93; while the Shenzhen Component Index rose 18.02 points, or 0.21 percent, to close at 8,685.79.

Small-cap equities were a mixed bag as well, with the small and medium-sized enterprise board index adding 0.04 percent to 5,344.48. Meanwhile, the ChiNext index dropped 2.66 percent to end at 1,378.15, largely due to losses in the media and entertainment sector.

Combined turnover climbed to 281.45 billion yuan ($45.99 billion), up from Wednesday's 247.39 billion yuan.

Stocks linked to online financial services jumped by an average of 2.78 percent thanks to reports that Alibaba Group had invested in Tianhong Asset Management Co in a bid to increase its exposure to this emerging concept. East Money Information Co jumped 5.80 percent to 24.98 yuan, and Hithink Flush Information Network Co?climbed 5.28 percent to 31.90 yuan.

Rumor had it earlier Thursday that the Shanghai Stock Exchange would launch an international board in the city's newly opened free trade zone to list non-Chinese companies. The exchange dismissed these claims during the trading break, deflating brokerage, banking and insurance stocks.

Haitong Securities Co shed 5.37 percent to 11.98 yuan, while Huatai Securities Co, Citic Securities Co and Sealand Securities Co all lost more than 3 percent.

The media sector took some of the day's biggest hits, with components dropping by an average of 3.9 percent.

A few individual stocks were able to evade the downward pressure - Central China Land Media Co and Leshi Internet Information & Technology Corp Beijing both advanced to the 10-percent daily limit - although the majority notched contractions.