China Shares First Session sales drop

China Shares First Session sales drop

China 's shares declined in the first session on profit taking and concerns over slower growth in corporate earnings results in coming quarters.

Shanghai Composite fell by 0.5% at 2460.42 level and is expected to consolidate around the 2450 area during the day.

"Letup on a tightening of monetary policy of China has been reduced but this will not remove the overhang on the market such as corporate margins are deteriorating," said Li Lei, an analyst at Gold State Securities.

"Thus, the profit-taking can not be avoided and market gains will be limited", he added.

China Vanke fell by 0.6% at the level of CNY7.86, China Merchants Property fell by 1% at level CNY17.52 and Shanghai New Huangpu Real Estate fell by 1.4% at CNY8.56 level.

Shenzhen Composite Index fell by 0.2% at 1033.93 level.