Market slide continues after removal of circuit breaker

The Chinese stock market suffered another heavy loss on Monday, extending the sell-off that began with the market's worst-ever start of a year, amid investors' intensified concerns about the slowing economy and the government's capability to manage the market.

The benchmark Shanghai Composite Index tumbled by 5.33 percent to close at 3,016.7 points, extending last week's 10 percent loss and trending close to the psychologically sensitive level of 3,000.

Government measures to calm the market, which include removing the controversial circuit breaker system and restricting share sales of major shareholders, failed to turn around the pessimism, with investors rushing to sell their holdings to avoid further losses.