Chinese shares lower in morning trade

Chinese shares traded lower on Friday amid concerns over an economic slowdown after more index heavyweights posted weak sales or cut back production, dealers said.

The country's leading property developer China Vanke reported October sales revenue was down 35 per cent from a year earlier, while top aluminum producer Chalco shut down 38 per cent of its annual aluminium oxide production due to weak demand.

Investors were unsettled by the deteriorating economy and weaker corporate earnings, but the sell-off pressure would be limited because some investors expected a new policy announcement over the weekend, analysts said.

The benchmark Shanghai Composite Index, which covers A and B shares, was down 15.37 points, or 0.89 per cent, to 1,702.35.

The Shanghai A-share index lost 16.15 points, or 0.90 per cent, to 1,788.38, while the Shenzhen A-share index fell 3.29 points, or 0.68 per cent, to 483.26.

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