China shares slightly lower in early trade; airlines retreat

China shares were slightly lower in early trade after the Dow Jones industrial Average fell more than 200 points amid concerns about the US economic outlook, dealers said.

At 9:40 am, the Shanghai Composite Index was down 27.20 points or 0.52 pct at 5,245.43.

Investors locked in profits from airline stocks after oil prices hit 100 usd per barrel.

China Eastern Airlines Corp Ltd (SHA 600115; HK 0670; NYSE CEA) shed 0.70 yuan to 20.87, and Shanghai Airlines Co Ltd (SHA 600591) fell 0.31 yuan to 17.77.

Steelmakers also led the declines with Angang Steel Co Ltd (SZA 000898; HK 0347) losing 0.65 yuan to 28.73.Wuhan Iron & Steel Co Ltd (SHA 600005) dropped 0.39 yuan to 18.91.

PetroChina Co Ltd (SHA 601857) added 0.19 yuan to 30.77.

(1 usd = 7.3 yuan)