Chinese shares ended the morning trade 1.61 percent lower on Monday, despite a Wall Street rally on Friday.

The benchmark Shanghai Composite Index, which covers both A and B shares, slid 31 points, or 1.61 percent, to 1,937. It opened 0.42 percent lower at 1,961.21.

U.S. stock prices, pummeled for most of last week, rallied more than 6 percent on Friday after word first leaked out that U.S. president-elect Obama set to introduce his economic team on Monday, including Timothy Geithner, 47, president of the New York Federal Reserve Bank, as his secretary of the Treasury.

But the news had less impact in Asian markets. Shares in the Republic of Korea slumped more than 2 percent. Stocks in Hong Kong, Australia, Taiwan and Singapore fell by one to 2 percent.

Properties led the fall in Shanghai with the industry index losing more than 4 percent. Poly Real Estate Group Co. dropped 4.06 percent to 17.24 yuan. China Vanke lost 3.9 percent to 6.65 yuan.

Shenyin & Wanguo Securities wrote in a note that rebounds in other regional markets over the weekend was helpful backing up domestic markets but effects of recently announced economic stimulus plans were yet to be seen, and as a result, local bourses were likely to go on seesawing.

(Xinhua News Agency November 24, 2008)