Chinese stocks post biggest weekly drop since late September

Shares in China took a dive on Friday, securing the biggest weekly loss for local markets since late September.

By the close of market hours, the Shanghai Composite Index had shed 0.64 percent to 2,891.34 points, the Shenzhen Component Index dropped 1.09 percent to 6,197.52 points, and the blue chip CSI300 index lost 0.74 percent to 3,887.09 points.

Combined turnover covered by the two indices stood at 401.1 billion yuan (US$ 57.23billion), compared with 387.8 billion yuan in the previous trading day.

The telecommunications and shipbuilding sectors were the day's only gainers. The agriculture, forestry, animal husbandry and fishery industries suffered the biggest loss.

Losers on the two major bourses outnumbered gainers by 2,958 to 659.

On the STAR Market, 17 stocks gained while 36 declined.