Asian shares down on China worries

Trading sentiment was dampened by a series of new IPOs on the Chinese market.

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By :  ,  Financial Analyst

Asian shares were down today (March 3rd) despite an upbeat session on Wall Street. Yesterday, the Dow Jones industrial average and the S&P 500 both posted fresh record closing highs, while the Nasdaq Composite broke 5,000 for the first time in 15 years.

However, trading sentiment – which was lifted after China's interest rate cut this week-end – was dampened by a series of new initial public offerings (IPO) on the Chinese market, which fuelled concerns about tighter liquidity, according to traders quoted by AP. China's Shanghai Composite fell 1.1 per cent to 3,299.43

Traders are also focusing on this week's announcement of China's growth target for 2015, with analysts expecting it to be lower than last year's 7.5 per cent.

Japan's Nikkei 225 fell 0.3 per cent to 18,769.37 and Hong Kong's Hang Seng remained flat at 24,883.55. Australia's S&P/ASX 200 shed 0.4 per cent to 5,938.30, while Seoul's Kospi added 0.2 per cent to 2,000.87. 

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