Markets decline, led by environmental stocks

Stock markets on the Chinese mainland followed up disappointing trading sessions in the US and Europe with sizable drops of their own Tuesday.

The key Shanghai Composite Index shaved off 32.48 points, or 1.40 percent, to close at 2,293.34, its lowest close in a month; while the Shenzhen Component Index surrendered 134.34 points, or 1.44 percent, to end at 9,208.03.

Both indices opened lower but bounced back in morning trading as banking and property stocks advanced. An afternoon rally in aviation shares helped extend gains, although the upward momentum was arrested in late trading by losses from coal, petroleum and environmental protection shares.

Environmental protection stocks were among the markets' worst performers as over-bought concerns battered the sector after recent run-ups. Jiangsu Welle Environmental Co lost 7.10 percent to 24.99 yuan ($4.01).

Most A-shares exposed to China's resource sector fared poorly. In the petroleum sector, Shanghai Longyer Fuels Co shed 5.02 percent to 10.97 yuan. Among the coal shares that fell on the day, Yanzhou Coal Mining Co dipped 3.27 percent to 17.18 yuan.

The aviation and media sectors managed to gain in lukewarm trading. Hafei Aviation Industry Co soared 6.21 percent to 27.54 yuan. Jishi Media Co jumped past its daily trading limit to 8.07 yuan.

Combined turnover of the two markets totaled 206.7 billion yuan Tuesday, up from 158.9 billion yuan Monday.

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