Chinese markets extended an already rough start to the year Monday, losing further ground after another sell-off in late afternoon trade that sent mainland indexes down more than 5 percent.
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.
The rest of Asia also closed down, with Australia's main ASX 200 index continued its downward slide, ending 58.63 points, or 1.17 percent, lower at 4,932.20. The energy, materials and financials sectors weighed, with those indexes down 1.8, 2.95, and 1.27 percent respectively.
In South Korea, the Kospi shed 22.78 points, 1.19 percent, to close at 1,894.84 on Monday's session, with commodities sectors seeing early losses.
Mainland brokerages suffered steep losses, with shares down as much as 9 percent at market close. 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. Airlines tend to see an earnings boost when oil prices fall.