(Yicai Global) Nov. 17 -- China's Stock Markets extended their losses this afternoon as the financial sectors -- most included in the Shanghai Composite Index -- helped to staunch the flow as small-cap companies choked.

Trading volume rose drastically, with money streaming out. Insurance climbed 2.95 percent at the closing bell, with banking up 2.71 percent, both leading the markets. Securities brokerages also climbed 0.91 percent.

A dozen sectors dropped over 3 percent, including electronic equipment, software, media and technical services, most consisting of small-cap companies.

The Shanghai Composite Index slumped 0.48 percent to 3,382.91 points at the closing bell, with turnover of CNY313.7 billion (USD47.31 billion), much more than yesterday's CNY220.8 billion.

The Shenzhen Component Index closed at 11,292.93 points, down 2.12 percent, with turnover of CNY332.3 billion, against yesterday's CNY269.9 billion.

The Growth Enterprise Index, mostly comprising small-cap companies, fell 2.36 percent to 1,833.90 points, with CNY87.66 billion exchanged, compared with yesterday's CNY67.01 billion.