(Yicai Global) March 8 -- Chinese mainland stock markets fell steeply at opening as investment sentiment took a blow from brokerages giving 'sell' ratings to People's Insurance Company (Group) of China and China Securities.

The Shanghai Composite Index started off at 3,038.34, down 2.19 percent, while the Shenzhen Component Index dropped 2.38 percent to kick off at 9,447.6. The ChiNext price Index, which tracks growth enterprises in Shenzhen, scaled down 2.63 percent to 1,647.85.

Huatai Securities meted out the adverse rating to China Securities, whose shares  [SHA:601066] fell 10 percent to CNY28.04, while Citic Securities dealt it out to People's Insurance Company (Group) of China [SHA:601319], which dropped 9.98 percent to CNY11.55.

Editor: Ben Armour