Chinese shares slump on "black Friday"

A "black Friday" for the Chinese stock market, Chinese shares plummeted on Friday, as investor sentiment was hurt by weak overseas markets and concerns about new share offerings. The benchmark Shanghai Composite Index tumbled 5.3 percent to close at 2,748 points. The Shenzhen Component Index also slumped heavily by 5.6 percent.

The new record high global crude oil price deeply hurt oil caps. The country's top oil giants, PetroChina and Sinopec, both experienced sharp drops. Sinopec even fell near its daily 10 percent limit.

Meanwhile, securities shares fell on the news of Everbright Securities' coming IPO. It's scheduled to raise about 20 billion yuan, which would further drain liquidity from the sluggish market. CITIC Securities, the country's largest listed brokerage firm, lost over 8 percent.