Chinese shares lower in morning trade

Chinese share prices were lower in Friday morning trade with sentiment fragile one day after stocks suffered the biggest percentage loss in the past two months, dealers said.

They said market confidence was severely damaged after blue chips such as China Pacific Insurance and PetroChina sank either below or near their issue prices.

A 0.97 percent decline in the US stock market overnight was also expected to weigh on the market, they said.

The benchmark Shanghai Composite Index, which covers both A and B shares, was down 31.30 points or 0.92 percent at 3380.19 at 10:29 am (0829 GMT).

The Shanghai A-share Index fell 32.77 points or 0.92 percent to 3546.15 points, while the Shenzhen A-share index dropped 22.08 points or 1.90 percent to 1,139.59.

(Agencies)