Shanghai stock market sees biggest weekly loss in 5 weeks

China’s equities markets extended their losses on Friday, with gains in auto parts failing to boost the overall index as security and software service providers took a hit.

The Shanghai Composite Index declined 0.42 percent, or 13.35 points, to close at 3141.30 points. This marks a cumulative weekly loss of 1.63 percent, the biggest in five weeks.

The Shenzhen Component Index was down by 1.10 percent to 10,448.23 points, while the Nasdaq-style ChiNext enterprise board decreased by 1.84 percent to end at 1,804.55.

Gosuncn Technology Group Co Ltd, a Guangzhou-based Internet of Things product and service provider, closed 8.79 percent lower at 8.61 yuan (US$1.35) per share.

Buoyed by the announcement on May 22 that China will reduce import tariffs on cars and auto parts from July 1, shares of auto parts makers led the rises. 

NRB Corporation, a listed company that specializes in the research and development, manufacturing and sale of auto precision bearings, saw its stocks surge by the maximum cap of 10 percent to close at 6.67 yuan per share.