Chinese stocks slumped more than 7 percent on Friday as markets struggled to digest a wave of new IPOs amid growing bearish sentiment toward what is still one of this year's best performing stock markets.
Trade in Chinese shares has been marked by violent selling in the past two weeks – the Shanghai Composite shed 13 percent last week and further 6.4 percent this week – a sharp contrast to the stellar gains that pushed it to a record high in early June.
"Asian investors have routinely had a short-tem view and that moves them towards extreme volatility up and down," Ken Fisher, founder and CEO of Fisher Investments told CNBC's "Squawk Box Europe." "You've had a heck of a move and in some ways people have treated this like a casino."
The benchmark Shanghai Composite stock index closed down 7.4 percent at 4,193 points, suffering its biggest one-day percentage fall in five months, according to data from Thomson Reuters.