Shares skid as selling pressure hits sentiment

The liquidity stimulus effort by the People's Bank of China failed to impress investors on Thursday as the mainland stock market edged down eventually after a short-lived intraday jump.

Analysts said the market will continue to face growing selling pressure on investors' concerns of a new wave of new share sales in the coming weeks and the deleveraging trend in blue-chip stocks.

The Shanghai Composite Index declined by 1.18 percent from a high opening to close at 3,174.13 points.