(Yicai Global) July 10 -- China's mainland stock markets started the day lower as the insurance sector fell 3 percent after the National Social Security Fund said that it will reduce its shareholding in the People's Insurance Company of China for the first time since the latter's listing.

The Shanghai Composite Index began 0.92 percent lower at 3,418.93. The Shenzhen Component Index was at 13,662.38, down 0.67 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, fell 0.47 percent at 2,744.61.

The fund said yesterday that it will sell a 2 percent stake in PICC. Currently, it has 15.4 percent of the insurance giant's equity.

Editor: Emmi Laine