SHANGHAI (XFN-ASIA) - China A-shares closed sharply lower following steep losses on Wall Street as a rise in jobless claims and weak consumer spending data heightened concerns about the US economy.
Dealers also said news of a large IPO from China Merchants Securities and a new rule on share sales that will shorten the IPO lock-up period further dampened sentiment.
Property developers and nonferrous metal stocks led a broad-based decline.
The benchmark Shanghai Composite Index closed down 74.97 points or 3.29 pct at 2,202.45, a fresh 20 month-closing low. The index finished the week down 8.13 pct, the sixth successive week of losses.
Turnover rose to 27.97 bln yuan from 25.83 bln yesterday.
The Shanghai A-share Index was down 78.75 points or 3.29 pct at 2,311.63, while the Shenzhen A-share Index fell 24.84 points or 3.76 pct to 636.67.
The FTSE/Xinhua China A 50 Index was down 236.94 points or 2.80 pct at 8,239.45 and the FTSE/Xinhua China A 200 Index fell 187.32 points or 2.97 pct to 6,118.21.
(1 usd = 6.84 yuan)
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