China shares fall despite solid gains for oil firms, airlines
HONG KONG Aug 25 (Reuters) - China shares finished lower on Monday as investors set aside money for coming initial public offerings (IPOs), though the oil and aviation sectors outperformed.
Ten out of the 11 IPOs which were approved by Chinese authorities last week will start taking subscriptions on Thursday and Friday. That is expected to lock up 900 billion yuan ($146.32 billion) in funds, according to the Southern Metropolis Daily in Guangzhou.
The Shanghai Composite Index ended down 0.5 percent at 2,229.27 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings shed 1.0 percent.
Top index boost in Shanghai was Sinopec Corp, which added 2.5 percent. The largest oil refiner in Asia late on Friday posted a 36 percent rise in second-quarter profit that beat forecasts.
Rival PetroChina rose 0.4 percent.
Chinese airlines surged in the afternoon. China Eastern Airlines soared 9.9 percent, Air China climbed 3.1 percent and China Southern Airlines gained 3.6 percent.
Domestic media said earlier on Monday that China has set up a 20 billion yuan ($3.25 billion) investment fund to help bolster its fast-growing civil aviation industry. (1 US dollar = 6.1508 Chinese yuan) (Reporting by Grace Li; Editing by Richard Borsuk)