Chinese shares lower in moring trading

Chinese share prices were lower in Friday morning trade led by banks who lost ground as fears of a slowing economy outweighed lenders' strong first-half earnings forecasts, dealers said.

A slowdown in first half export growth added to negative sentiment. Official data showed Thursday China's trade surplus fell nearly 12 percent in the first half of 2008, traders said.

Banks led the market drop despite several major lenders posting strong earning forecasts, traders said.

The benchmark Shanghai Composite Index, which covers A and B shares, was down 9.54 points, or 0.33 percent, at 2,865.91 at 10:16 am (0216 GMT).

The Shanghai A-share index shed 10.05 points, or 0.33 percent, to 3,006.08, while the Shenzhen A-share index lost 6.05 points, or 0.66 percent, to 906.23.

(Agencies)