Asian stocks stumbled to their lowest in five weeks on Monday after weak data out of China over the weekend raised concerns of a sharp slowdown in the world's second-biggest economy.

Data released on Saturday showed China's factory output grew at the weakest pace in nearly six years in August, while growth in other key sectors also cooled. Fixed-asset investment and retail sales both missed their forecasts.

The Australian dollar, considered a liquid proxy for China plays, also took a hammering and slumped to a six-month low briefly dipping below 90 U.S. cents and extending a decline from 94 cents early this month.

The other major currencies were steadier with the U.S. dollar holding just below a six-year peak of 107.39 yen on Friday. The euro was flat at $1.2968 having last week slumped to a 14-month trough of $1.2859.

Shanghai Composite

The mainland's benchmark Shanghai Composite index reversed earlier losses to enter positive territory in the afternoon, gaining 0.2 percent. Oil producer Sinopec rose 0.8 percent on news that it is selling a $17.4 billion stake in its retail unit.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.8 percent to levels last seen on Aug. 8. The index has fallen almost 4 percent in a little over a week, from a near seven-year peak.

Australia's S&P/ASX 200 index shed 0.7 percent, South Korea's KOSPI fell 0.3 percent and Hong Kong's Hang Seng slid 1.1 percent. Mainland Chinese shares .CSI300 were 0.6 percent lower. Japanese financial markets were shut on Monday for a public holiday.