HONG KONG Aug 28 China shares slipped on
Thursday as a batch of initial public offerings started taking
subscriptions, diverting money from existing stocks and pulling
down the indexes to multi-week lows.
The Shanghai Composite Index declined 0.6 percent at
2,195.82 points, the lowest close in three weeks. The CSI300
of the leading Shanghai and Shenzhen A-share listings
was down 0.7 percent to close at a five-week low.
Chinese banks extended Wednesday's losses. Agricultural Bank
of China, joining two other major banks, late on
Tuesday reported slowing profit growth and rising bad loans for
the second quarter.
The country's largest lender Industrial and Commercial Bank
of China shed 1.4 percent, its biggest drop in three
weeks. The other three of the "Big Four" banks slid between 1
and 2 percent.
China's two biggest oil companies again lent support to the
indexes. Sinopec Corp climbed 1.5 percent and
PetroChina rose 0.3 percent ahead of its earnings
due later in the day.
(Reporting by Grace Li; Editing by Richard Borsuk)