Chinese shares sag

China's shares traded slightly lower on Tuesday, as the market continued a moderate correction, anticipating a flood of IPOs will absorb liquidity. The benchmark Shanghai composite index inched down 0.28 percent to close at 1,548.495 points, after dropping 7 percent last week, its biggest weekly fall in more than three years.
Turnover in Shanghai A-shares on Tuesday fell to 18.1 billion yuan ($2.26 billion), virtually unchanged from an already moderate 18.2 billion yuan on Monday.
Bank of China, the country's top foreign exchange lender, on Monday began consultations to decide its IPO price and said it would list on the Shanghai Stock Exchange before July 5.
Top Shanghai-listed bank China Merchants Bank Co Ltd was down 0.14 percent at 6.99 yuan, while smaller rival Minsheng Banking Corp fell 1 percent to 3.97 yuan.