Chinese shares down

Chinese shares were down in morning trade on Monday due to worries over a flood of upcoming initial public offerings and losses on Wall Street last week, dealers said. The benchmark Shanghai Composite Index slipped 0.14 per cent, or 2.77 points, to 2,033.75. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 0.45 per cent, or 4.66 points, to 1,032.06. At least 122 companies have released draft IPO plans, state media reported over the weekend, sparking fears that they will drain funds from the rest of the market, according to AFP.