Shanghai shares dip, pulled down by insurers and brokerages

Shanghai stocks dipped on Wednesday following decline by insurance companies and brokerages.

The Shanghai Composite Index edged down 0.29 percent to close at 3,280.95 points.

Insurance shares ended lower after earlier gains. New China Life Insurance Co Ltd lost 4.64 percent and China Pacific Insurance Co Ltd fell 3.05 percent. Ping An Insurance also dipped 0.36 percent to 73.82 yuan.

Shares related to industrial Internet were among the biggest decliners, with Baosight Software losing 6.43 percent to end at 24.01 yuan while CIG ShangHai Co Ltd and Yonyou Network Technology Co Ltd both fell by over 3 percent.

Artificial intelligence stocks also fell, with Dawning Information Industry Co Ltd off by 3.18 percent.

Non-ferrous metal shares such as Shenghe Resources Holding Co Ltd lost over 4 percent.