(Yicai Global) Nov. 20 -- China's major mainland stock indexes closed lower as profit-taking surged to the fore in afternoon trading.

The Shanghai Composite Index was down 0.78 percent to 2,911.05 at the close. The Shenzhen Component Index ended 0.82 percent lower at 9,809.05. The ChiNext Price Index, which tracks Shenzhen-listed growth stocks, was down 0.54 percent at 1,719.66 after it touched 1,745.09 intraday in a zenith since early April.

Markets rallied strongly in the past two days as investor enthusiasm ran high in hopes of a more market-friendly monetary terrain.

In a widely predicted move, the country's central bank the People's Bank of China cut the benchmark loan prime rate for one-year and five-year loans by 5 basis points today to spare the real economy funding costs, after it earlier trimmed its open market operation interest rates.

The PBOC will continue to strengthen counter-cyclical adjustment and reinforce the support credit gives the real economy, PBOC Governor Yi Gang reiterated yesterday to representatives of six banks at a meeting.

Editor: Ben Armour