Chinese share prices closed 1.42 percent lower after Baoshan Iron Steel's launch of a massive additional share issue added to concerns about tight liquidity in a market unable to sustain any momentum, dealers said.
They said automakers and petrochemical producers in particular underperformed on weak profit hopes after Chongqing Changan Automobile and Jinzhou Petrochemical both posted worse-than-expected results.
The Shanghai A-share Index fell 18.32 points to 1,276.47, while the Shenzhen A-share Index was down 6.53 points or 2.04 percent at 314.01. The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, lost 17.37 points or 1.41 percent at 1,216.96.
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