Chinese shares open down 0.50 percent

Chinese share prices were lower in Thursday morning trade as a selloff on Wall Street overnight and profit-taking on large capital companies dragged the market down, dealers said.

They said investors were cautious after the Dow Jones Industrial Average slumped more than 2 percent on earnings jitters, while banks and property developers retreated on profit-taking after rising for three consecutive days.

But analysts also said that the downside would be limited on expectations of more strong first-half earnings forecasts.

The benchmark Shanghai Composite Index, which covers A and B shares, was down 14.58 points, or 0.50 percent, at 2,905.97 at 10:30 am(0230 GMT).

The Shanghai A-share index shed 15.33 points, or 0.50 percent, to 3,048.24, while the Shenzhen A-share index lost 6.44 points, or 0.69 percent, to 921.80.

(Agencies)