Chinese share prices leveled out yesterday after a recent succession of rises.

The benchmark Shanghai Composite Index dropped 2.9 points, or 0.06 percent, to close at 4,869.88 points. The Shenzhen Component Index on the smaller stock exchange fell 29.38 points, or 0.18 percent, to 16,322.52 points.

Banks and property firms remained the driving force behind the stock market. The share prices of eight of the 12 banks listed on the mainland stock exchanges gained in value.

Huaxia Bank rose 8.86 percent to stand at 17.82 yuan per share. The Industrial and Commercial Bank of China saw a slight rise of 0.57 percent to close at 7.09 yuan per share. The Bank of China, however, dropped 0.16 percent to close at 6.19 yuan.

Wanke, China's largest listed property firm, rose 1.26 percent to stand at 33.72 yuan. About 550 stocks were up and about 1,000 stocks were down.

The combined turnover on the two bourses reached 199.8 billion yuan (26.39 billion U.S. dollars), slightly higher than 195 billion yuan on Tuesday, but still much lower than 235 billion yuan on Monday.

Analysts said the halt in the rise of the Chinese share prices was partly due to the fall of neighboring markets, affected by the U.S. subprime mortgage problems.

The Hong Kong stock market dropped more than three percent and the stock index on the Indonesian market fell around five percent during the trading day.

Back in China, the China Securities Regulatory Commission announced late on Tuesday that both domestic and overseas listed companies were allowed to issue corporate bonds on a trial basis.

Analysts believe the launch of corporate bonds will bring a new channel of investment to the Chinese market but will not divert money away from the stock market.