Experts said the ongoing crisis in Asia's largest economy would have bigger, broader implications about the region's economic prospects. Australian oil stocks Santos, Oil Search and Woodside Petroleum closed down between 0.76 and 5.03 percent.
Taimur Baig, chief economist for Asia at Deutsche Bank Research, said in a note on Friday, "The key risk is China, where fears of continued economic slide are causing capital outflows, exchange rate depreciation, asset market selloff, and policy dilemmas." Baig noted that while this might not halt economic growth in the mainland, with large parts of the economy operating independently of the country's stock markets, it would hurt sentiment -- not just in China, but also in rest of Asia, causing possible deflation, credit crunches and policy challenges. In China, mainland oil stocks were down between 2.31 and 3.63 percent, while Hong Kong-traded CNOOC, Petrochina, and Sinopec shares had losses of between 2.97 and 4.91 percent.
Airlines tend to see an earnings boost when oil prices fall. The yuan-based Hong Kong Interbank Offered Rates (Hibor) spiked to over 13 percent from 4 percent Friday as offshore yuan volume declined.
On Monday the People's Bank of China (PBOC) guided the yuan higher by setting the mid-point fix at 6.5626 against the dollar. Last week, the Shanghai Composite lost all of its 2015 gains, falling by 9.97 percent in just five days.
Resource stocks were also down, pressured by lower commodity prices.
Rio Tinto and BHP Billiton, Australia's two biggest miners, shed 3.34 and 4.89 percent respectively, while iron ore producer Fortescue saw losses of 4.93 percent.
The Dow Jones Industrial Average lost 6.1 percent for the week, closing at 16,346.45.Other blue chip stocks such as SK Hynix also traded lower.Shares of Doosan were down 0.49 percent after the company said its subsidiary sold 305 billion won (2.71 million) worth of shares in fighter jet manufacturer Korean Aerospace Industries, according to reports.The Shanghai composite tumbled 168 points, or 5.29 percent, to 3,017.99, while the Shenzhen composite plunged 130.61 points, or 6.6 percent, to close at 1,848.In afternoon trade, Hong Kong's Hang Seng index closed down 2.7 percent, slipping below the 20,000 threshold for the first time since June 2013.Citic Securities' mainland-listed shares were off 7.01 percent, while its Hong Kong-listed ones fell 3 percent.Airlines stocks on the mainland traded mixed, between up 3.72 and down 1.54 percent.Speed Dating London is fast paced, socialble and best of all it works!From Speed Dating Clapham to Speed Dating Richmond and many other boroughs in between, Dateindash has various speed dating and singles events in your area across London.The S&P 500 shed 5.96 percent for the week, down at 1,922.03 while the Nasdaq Composite was down 7 percent at 4,270.78.In Japan, the market will be closed for a public holiday.