Cyclical shares and financial firms pull Shanghai shares lower

Shanghai stocks slipped today amid a collapse by cyclical shares and financial companies.

The Shanghai Composite Index shed 0.35 percent to end at 3,117.97 points.

Coal shares led the losses, with Shanxi Antai Group Co Ltd dropping 5 percent and Yanzhou Coal down 3.07 percent.

Oil and petrochemical companies were also among the biggest decliners. Sinopec Group lost 2.74 percent to 6.75 yuan, and Zhongman Petroleum&Natrl Gas Grp Corp Ld fell 1.8 percent.

Financial shares also gave up their previous gains on Tuesday. 

The Industrial Bank Co Ltd retreated 1.89 percent, China Minsheng Bank Corp Ltd shed 1.65 percent and the Industrial and Commercial Bank of China Ltd lost 1.48 percent.

Other financial-related shares such New Life Insurance, Ping An Insurance and Pacific Securities Co Ltd also took their cue from the general decline in the market.