(Yicai Global) June 25 -- Stock markets on the Chinese mainland extended losses in morning trade after opening lower, largely due to faltering financial stocks.

The Shanghai Composite Index went into lunch down 1.8 percent at 2,953.38. The Shenzhen Component Index was at 9,016.91, down 2.1 percent, and the ChiNext Price Index, which tracks growth enterprises in Shenzhen, ended the morning 2.1 percent lower at 1,482.55.  

Banking, insurance and securities sectors all fell more than 2 percent. China Merchants Bank [SHA:600036] was the biggest loser among them, with shares sinking  6.8 percent to CNY35.38 (USD5.15). 

Editor: James Boynton