Chinese shares open 1.23 percent lower

Chinese share prices opened 1.23 percent lower Tuesday amid concerns of further economic tightening measures after data showed record-high monthly inflation, dealers said.

The early weakness followed the release of government figures Tuesday that showed China's inflation rate spiked to 8.7 percent for February, a new monthly record following an 11-year high of 7.1 percent in January, they said.

Stock investors worry that the high inflation will trigger a new round of tightening measures, hitting corporate profits.

The benchmark Shanghai Composite Index, which covers both A and B shares, shed 50.99 points to 4,095.31.

The Shanghai A-share Index fell 53.46 points or 1.23 percent to 4,296.89 points while the Shenzhen A-share index was down 22.75 points or 1.64 percent to 1,365.42.

(Agencies)