RPT-GLOBAL MARKETS-Asian shares slide, Shanghai leads

Asian shares tumbled from multi-month peaks on Wednesday, in a sell-off led by the Shanghai market, as investors booked in profits ahead of more company earnings.

Japanese shares gained, but stock indices in Australia and Hong Kong fell after strong run-ups in the past two weeks. The MSCI Asia-Pacific index excluding Japan .MIAPJ0000PUS fell 2.6 percent, flagging after a climb this week to a 10-month high.

In Europe, stock eased after Chinese stocks fell as investors worried banks there may start to restrict lending, and S&P futures SPc1 signalled a soft start on Wall Street.

Shares in China State Construction Engineering Corp (601668.SS), whose $7.3 billion IPO last week was the world's largest in a year, jumped 70 percent at its debut, besting expectations -- but also stirring concerns about asset price bubbles. [ID:nSHA211352]

It was the second big listing in Shanghai since China resumed IPOs last month, and followed on the heels of Sichuan Expressway's (601107.SS)(0107.HK) runaway success on Monday.

"Such strong debuts of new listings will become a great boost for forthcoming IPOs, though worries have also strengthened of overall high valuations of the market," said Qian Qimin, deputy head of research at Shenyin & Wanguo Securities in Shanghai.

BBMG Corp (2009.HK), one of China's largest building materials manufacturers, also jumped 60 percent at its debut in Hong Kong. [ID:nHKG179565].

But the Hang Seng index .HSI shed 3 percent after ending at its highest in nearly 11 months on Tuesday, and the Shanghai Composite Index .SSEC closed down 5 percent, its biggest daily loss in 8 months.

In Tokyo, the Nikkei average .N225 edged up 0.3 percent to its highest close in seven weeks, a day after snapping its longest string of consecutive gains since 1988.

"It's natural that the market takes a breather due to investor fatigue after a nine-day winning streak and caution before earnings reports," said Fumiyuki Nakanishi, manager at SMBC Friend Securities.

"But foreign investors appear to have a bullish view on the outlook for the stock markets and that's providing support to blue-chip stocks and a solid floor for the Nikkei." link.....