Stocks see mixed performance

Stock markets in the Chinese mainland saw mixed performance on Wednesday.

The benchmark Shanghai Composite Index dropped below the 2,000 level, falling by 3.46 points or 0.17 percent to 1,997.69 points on Wednesday. The index declined as low as 1,974.38 points during the session, the lowest level in seven months.

The Shenzhen Component Index rose slightly, gaining by 4.45 points or 0.06 percent to 7,217.02 points on Wednesday.

Combined turnover on the two bourses on Wednesday was 187.10 billion yuan ($30.44 billion), up slightly from Tuesday's 181.79 billion yuan.

On Wednesday, the real estate, media and banking sectors remained resilient while oil and retail companies dragged on the market.

Investors bought shares in banks on Wednesday after Shang Fulin, the head of the China Banking Regulatory Commission, said Tuesday that 10 private companies will launch five private banks, a move seen as a vital step in China's financial reform and opening-up of the banking sector.

Shares in China Citic Bank Corp soared by the daily limit of 10 percent to 5.47 yuan after the lender announced it would partner with Tencent Holdings to launch a virtual credit card for Internet purchases.

The property sector outperformed on Wednesday, with four companies including Vantone Real Estate and Shunfa Hengye jumping by the daily limit of 10 percent.

China's two leading developers, China Vanke Co and Poly Real Estate Group Co, rose by 1.33 percent to 7.60 yuan and 2.77 percent to 7.06 yuan, respectively.

Meanwhile, the oil sector fell. China Petroleum & Chemical Corp (Sinopec) dropped by 4.79 percent to 4.97 yuan while PetroChina Co fell by 2.2 percent to 7.56 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, ended a three-day falling streak on Wednesday, closing up by 3.45 points or 0.25 percent at 1,399.27 points on Wednesday.