China stocks fall, led by metal stocks; Hong Kong also down

martes 24 de noviembre de 2015 00:24 GYT

* CSI300 -0.9 pct; SSEC -0.7 pct; HSI -0.7 pct

* Commodity stocks fall on lower metal prices

* SCMP rise after report Alibaba's Jack Ma plans to buy a stake

SHANGHAI, Nov 24 (Reuters) - China stocks were sluggish on Tuesday morning as metal producers fell on lower commodity prices, weighing on a market already under pressure from a fresh batch of initial public offerings.

Hong Kong shares were also weak, tracking falls in global markets amid renewed concerns over world economic growth.

China's blue-chip CSI300 index fell 0.9 percent, to 3,720.62 points at the end of the morning session, while the Shanghai Composite Index lost 0.7 percent, to 3,583.98 points.

Commodity-related stocks including Baoshan Iron and Steel Corp, Aluminum Corp of China and Yunan Copper Co fell, after metal prices hit multi-year lows as a strong dollar exacerbated oversupply fears.

The sector's bearish sentiment has spread to other sections of the market, which already faces pressure of a correction after bouncing more than 20 percent from an August low hit during the summer market rout.

"The dynamics in the market were rather similar to yesterday with investors concerned about the resumption of IPOs as well as the extremely low commodity prices that we are seeing," said Gerry Alfonso, director of Shenwan Hongyuan Securities Co.   Continuación...