[T.S.R:14768] China stocks fall 2.6 per cent to 14-month low on AgBank IPO

SHANGHAI: China's key stock index dropped 2.6 per cent to a 14-month low on Tuesday afternoon as investors started pulling funds from the market to prepare for a major initial public offering by Agricultural Bank of China.

The Shanghai Composite Index dropped to 2,468.8 points, its lowest intraday level since April 2009, heading for a quarterly loss of more than 20 per cent.

Institutions will start subscribing for AgBank's IPO on Thursday, while retail subscriptions are scheduled for early next week.