Mainland stocks tumbled to a 15-month low yesterday amid concerns of a liquidity drain before Agricultural Bank of China's huge initial public offering. The Shanghai Composite Index lost 18.95 points or 0.8 per cent to 2,363.95, the lowest close since March 26 last year. It was the benchmark's eighth decline in the past nine trading days. Since June 22, the barometer has lost 8.7 per cent. 'The weak sentiment will cause the market to continue the downward momentum,' said Shenyin Wanguo Securities analyst Qian Qimin. 'A rebound of strength won't occur in the near term.' Turnover on the Shanghai and Shenzhen stock exchanges amounted to 86.2 billion yuan yesterday, the lowest of the year. The Shanghai index has lost 21.9 per cent this year. Agricultural Bank will take subscriptions from A-share retail investors today and is likely to soak up more than one trillion yuan (HK$1.15 trillion) of upfront payments, Qian said. Though analysts said the offer price was set relatively high, thousands of investors would still flock to the shares in the belief that the stock would trade at a premium on its Shanghai debut on July 15. The bank, the only unlisted lender among the mainland's Big Four, looks to raise nearly 60 billion yuan from the A-share portion of the Hong Kong-Shanghai dual-listing. Factoring in the over-allotment, Agricultural Bank could net as much as 68.3 billion yuan on the A-share market. The mainland is the world's second worst-performing stock market this year, trailing only Greece. Investors have been hit by worries that Beijing would continue to introduce austerity measures to contain inflation. The Shanghai index jumped 80 per cent last year buoyed by an influx of speculative capital thanks to easy credit. However, regulators ordered banks to slow down loan approvals this year while raising the reserve requirement ratio to curb a lending binge.