Chinese shares open down three percent

Chinese share prices slumped three percent in Monday morning trade amid renewed worries over fresh cash calls and last week's sharp drop on Wall Street, dealers said.

They said cash calls from several initial public offerings this week including from Zijin Mining Group, together with a more than two percent drop on Wall Street on Friday, weighed on market sentiment.

Many investors also chose to stay on the sidelines ahead of the release of key economic figures including inflation, which could trigger further monetary tightening measures, they said.

The benchmark Shanghai Composite Index, which covers A and B shares, opened down 104.19 points or 2.98 percent to 3,388.71 points.

The Shanghai A-share index slumped 109.32 points or 2.98 percent to 3,555.52 points, while the Shenzhen A-share index tumbled 37.32 points or 3.30 percent to 1,093.56.

(Agencies)