The Chinese stock market has continued its rather rough start to the year on Monday after losing further ground following another sell-off in late afternoon trade, which set mainland indexes down more than five percent.

The Shanghai Composite saw a tumble of 168 points, or 5.29 percent to 3,017.99, while the Shenzhen composite plunged down to 130.61 points, or 6.6 percent, to close at 1,848.

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During the afternoon trade, Hong Kong's Hang Seng index also closed down 2.7 percent, slipping below the threshold of 20,000 for the first time since June of 2013.

The rest of Asia also closed down, Australia's ASX 200 index continued its downward sprial, losing 58.63 points, or 1.17 percent to close at 4,932.20. The energy, materials and financials sectors weighed, with those indexes down 1.8, 2.95, and 1.27 percent respectively.

South Korea's Kospi saw a drop of 22.78 points, 1.19 percent, to close at 1,894.84 on Monday's session, with the commodities sectors seeing early losses. Mainland brokerages also suffered steep losses, with their shares down to as much as nine percent during the market close. 

Meanwhile, experts say that the ongoing crisis in Asia's stock market would have a bigger and broader implication on the continents economic prospects.

Chief economist of Asia for Deutsche Bank research, Taimur Baig, said "The key risk is in China, where fears of a continued economic slide are causing a lot of capital outflows, a depreciation in the exchange rates, selloffs at the asset market and policy dilemmas."

Tagsstock market, China stock market, Asia