China shares fall on jitters over IPOs, uncertainty over global economy

Chinese stocks fell Monday, with the benchmark Shanghai Composite Index dropping more than 5 percent on jitters over the global outlook and upcoming initial public offerings.

The Shanghai Composite Index fell 266.07 points, or 5.1 percent, to 4,914.44.

The loss came amid regional declines, but analysts also said pending IPOs might swamp the market at a time when investor appetite appears feeble.

Market heavyweight PetroChina fell 4.8 percent to 27.70 yuan.

Other large caps were also sharply lower, with Baoshan Iron & Steel dropping 7.8 percent to 16.36 yuan.