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Chinese shares fall on new IPO wave Chinese shares tumble more than 8% leading Asian losses
(about 4 hours later)
Mainland Chinese shares saw sharp losses on Friday as investors began to worry about another wave of new listings drawing up liquidity in the market. Mainland Chinese shares plunged more than 8% as investors began to worry about another wave of new listings drawing up liquidity in the market.
Shares of Guotai Junan Securities - China's third-largest brokerage - jumped 44% on its debut after raising $4.8bn (£3bn) in the country's biggest initial public offering since 2010.Shares of Guotai Junan Securities - China's third-largest brokerage - jumped 44% on its debut after raising $4.8bn (£3bn) in the country's biggest initial public offering since 2010.
The Shanghai Composite was down 2.5% to 4,415.25 after falling over 4% earlier. The Shanghai Composite was down 8.4% to 4,146.09 after its 13% fall last week.
The Hang Seng fell 1.1% to 26,853.04. In Hong Kong, the Hang Seng index fell 1.9% to 26,618.74.
Investor sentiment was also weighed on by concerns on whether the government and central bank would continue to ease policy in order to boost growth in a slowing economy. Sentiment was also hit by a crackdown on margin trading and concerns over whether the government would continue to ease policy in order to boost growth in a slowing economy.
However, Bernard Aw, market strategist at trading firm IG said the "correction" in the market was healthy in the longer term and it is what the central bank wants to see. Regulators have been cracking down on illegal margin financing and urging brokerages to tighten rules.
However, Bernard Aw, market strategist at trading firm IG said the "correction" in the market was healthy in the longer term and it is what the central bank wanted to see.
"It is probably not a bad idea to repeat my view that China's leaders still view a strong capital market as beneficial for the Chinese economy, more importantly, a stable bull market is desired," he said in a note."It is probably not a bad idea to repeat my view that China's leaders still view a strong capital market as beneficial for the Chinese economy, more importantly, a stable bull market is desired," he said in a note.
Japan data weighsJapan data weighs
Japanese shares headed lower after government data showed a mixed picture of the world's third largest economy, which seems to be struggling to gain momentum. Shares in Japan ended lower after government data showed a mixed picture of the world's third largest economy, which seems to be struggling to gain momentum.
Household spending rose 4.8% in May from a year ago to mark the first annual increase in over a year, a sign consumers are finally spending again after last year's sales tax hike. Household spending rose 4.8% in May from a year ago to mark the first annual increase in over a year, a sign consumers are finally spending again after last year's sales tax rise.
But core consumer prices rose 0.1%, below the central bank's target of 2%. But core consumer prices rose 0.1%, still well below the central bank's target of 2%.
The Nikkei 225 index was down 0.5% to 20,663.75. The Nikkei 225 index ended down 0.3% at 20,706.15.
Meanwhile, the unemployment rate was unchanged at 3.3% in May from April, meeting expectations. The unemployment rate was unchanged at 3.3% in May from April, in line with expectations.
Marcel Thieliant, Japan economist at Capital Economics, said Friday's data cast doubt on the Bank of Japan's (BOJ) upbeat view on the economy and consumer spending.Marcel Thieliant, Japan economist at Capital Economics, said Friday's data cast doubt on the Bank of Japan's (BOJ) upbeat view on the economy and consumer spending.
"With increasing signs that the economic recovery is faltering, we think the BOJ will have to step up the pace of easing before too long, perhaps as soon as October," he said."With increasing signs that the economic recovery is faltering, we think the BOJ will have to step up the pace of easing before too long, perhaps as soon as October," he said.
Greece saga continues Takeover talk
In Australia, the benchmark S&P/ASX 200 was down 1.5% to 5,548.00 points - leading the region's losses on concerns over Greece. In Australia, the benchmark S&P/ASX 200 closed down 1.6% at 5,544.60.
Greece failed again to reach an agreement with its creditors and stumbled closer towards defaulting on its debt. Shares of supermarket giant Woolworths rose 3.9% after reports that US private equity firm KKR would bid to takeover the struggling retailer.
Last-minute talks will resume on Saturday to either avert a Greek default next week or start preparing to protect the euro zone from financial market turmoil. South Korean shares were bucking the trend, with the Kospi closing up 0.2% to 2,090.26.
South Korean shares were bucking the trend, heading higher. The benchmark index ended four straight weeks of losses this week.
The benchmark Kospi index was up 0.2% to 2,090.09.