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China: Shares down in morning trade

[SHANGHAI] Chinese stocks were lower in morning trade on Tuesday amid worries over a glut of new share offers, dealers said.

The benchmark Shanghai Composite Index fell 0.87 per cent, or 29.02 points to 3,307.27.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, slid 0.67 per cent, or 11.09 points, to 1,652.56.

China's market regulator announced late Monday it had approved 24 initial public offerings, which could divert funds from existing equities.


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