BEIJING--The weakness of banking shares weighed on Chinese stock markets, pulling the benchmark indices in Shanghai and Shenzhen modestly lower to close on Wednesday.

The benchmark Shanghai Composite Index lost 5.88 points, or 0.21 percent, to close at 2,810.48 after trading between intra-day high 2,811.82 and the day's lowest 2,780.73.

The Shenzhen Component Index skid 0.12 percent, or 14.69 points, to end at 12,425.68. The index dropped 0.16 percent at opening and fell to the day's lowest of 12,311.15 in the morning session. It once moved out of the negative territory and peaked at 12,446.78 in the afternoon trading before closing.