IPO concerns drain market liquidity

Stocks fell the most in two weeks as healthcare and property companies slumped amid speculation that recent gains were overdone, and concern grew initial public offerings will divert funds away from existing equities.

The Shanghai Composite Index dropped 0.7 percent to 3,612.49 points at the close.

Trading volumes in Shanghai were 16 percent below the 30-day average, with most regional markets shut for the Christmas holidays.