Shares drop on IPO wave, lackluster data

Shanghai stock index plummets to its lowest level since last summer

Chinese stocks extended their losses from last week and sank to a five-month low on Monday amid lackluster economic data and fears that the flood of new listings that will soon hit the market will stretch liquidity.

The benchmark Shanghai Composite Index fell 1.8 percent to 2,045.71 points, the lowest level since Aug 2.