Equities slump on liquidity concerns

Chinese shares hit a seven-week low on Thursday amid fears that new listings will drain market liquidity and property concerns will overshadow economic growth.

The benchmark Shanghai Composite Index lost 1.55 percent to 2,023.7 points, the biggest one-day drop since April 28, even as the bourse restarted initial public offerings after a four-month hiatus.

Xinjiang Qinsong Cement (Group) Co Ltd, a cement producer, lost 8.06 percent, leading the 3.51 percent drop in the cement industry. Yonyou Software Co Ltd dropped by the daily limit of 10 percent, mirroring the overall weak sentiment for technology shares.