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China markets extend losses, Shenzhen stocks dive 5%

Peter Jones
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Mainland Chinese stocks deepened losses by the afternoon, with other Asia Pacific markets also moving lower as U.S.-China tensions worsened on Friday.

In mainland China, the Shanghai composite fell 4.20%, while the Shenzhen composite tumbled 4.64%. The Shenzhen component dived around 5%.

Over in Hong Kong, the Hang Seng index declined 2.34%. Tech stocks fell across the board, with Tencent tumbling 5.12% and Alibaba down 3.41%. Gaming stocks also saw steep losses.

Tensions between U.S. and China took center stage this week. China announced on Friday that it ordered the United States to shut its consulate in Chengdu following the U.S. demanding the closure of the Chinese consulate in Houston.

Peter is passionate news writer and loves to write about business.