AKIPRESS.COM - Hong Kong shares joined the downward trend across Asia as trading resumed after the Lunar New Year break.

The Hang Seng opened with a sharp 4% drop to 18,508.96 points.

Markets in China remain closed due to a longer new year break. Those markets that were open in the region over the past days had all seen hefty losses, reports BBC.

Japanese shares had tumbled in to bear territory after a two day rout, but the Nikkei is closed on Thursday for a national holiday.

The biggest losses on the Hang Seng were seen by HSBC falling 5.3% while Tencent, AIA and China Mobile all shed more than 4% in early trade.Korean shares also resumed trade after the new year break and joined the regional downward trend. Seoul's Kospi fell sharply by 2.7% to 1,865.56 points in morning trade.

Car makers were among the worst hit as fresh data showed that vehicle exports fell by almost 20% in January due to falling demand in emerging markets.

Hyundai and Kia both lost almost 2% while Ssangyong shed as many as 4%.