China's stocks continued a falling trend Monday, with the benchmark Shanghai Composite Index down 1.64 percent, or 39.98 points, to close at 2,393.18 points.

Ping An shed more than 3 percent in Shanghai, leading the Shanghai Composite Index down 0.5 percent at 2,401.09 points at midday, as A-share turnover sank to its lowest in a week.

Other financials also fell broadly, with Industrial & Commercial Bank of China and Bank of china down 0.5 and 0.7 percent respectively. Commodity-related stocks were also weaker on lower global commodity prices. Zijin Mining Group Ltd , Zhongjin Gold and Shandong Gold all lost almost 4 percent.

The Shenzhen Component Index on the Shenzhen Stock Exchange fell 209.92 points, or 1.99 percent, to close at 10,328.47.