China's stock market dives on Friday

Chinese stocks closed sharply lower on Friday, hours after major stock indices in the United States and Europe tumbled.

The benchmark Shanghai Composite Index falling 4.05 percent to close at 3129.85 points.

The Shenzhen Component Index dropped 3.58 percent to close at 10001.23 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, closed 2.98 percent lower at 1592.51 points.

The Shanghai SE 50 Index, which tracks the 50 most representative blue-chips in Shanghai, fell 4.61 percent.

Most stocks dropped, with losers outnumbering gainers by 1,222 to 68 in Shanghai, and by 1,656 to 172 in Shenzhen.

Shares of heavyweight bluechips plunged, with Poly Real Estate Group declining 9.44 percent and China Pacific Insurance down nearly 9 percent.

Bucking the trend, the optoelectronic industry made some gains, led by device providers including HC SemiTek, Foshan Nationstar Optoelectronics and San'an Optoelectronics.

Analysts largely attributed the declines largely to tumbles in overseas stock markets, as the Dow Jones industrial average plunged more than 1,000 points Thursday, to sit 10 percent below its record-high of two weeks ago.

The A-share market has positive fundamentals for the long run, despite recent reactions to the overseas markets, according to Shanghai Securities News, citing senior market analysts.