Chinese shares down 1.07 percent by midday

Chinese share prices fell 1.07 percent by midday Friday, led lower by financial stocks as the market tracked losses on Wall Street overnight, dealers said.

The benchmark Shanghai Composite Index, which covers both A and B shares, fell 31.17 points to finish the morning at 2,879.12.

"Today's correction was partly due to the losses in the US stock market, but A shares are still in the uptrend ahead of the Olympics," Li Xianming at Ping An Securities told Dow Jones Newswires.

Oil refiners were also under pressure after a mild rebound in crude oil prices overnight.

The Shanghai A-share index was down 32.76 points, or 1.07 percent, at 3,020.33 points, while the Shenzhen A-share index shed 0.62 points, or 0.07 percent, at 908.48.

(Agencies)