Hong Kong’s stock index slumped to a two-and-a-half-year low Tuesday as concerns about the Greek debt crisis continued to play out in Asia.

The Hang Seng index fell 3.4 percent after a fall of 4.38 percent Monday, hitting its lowest level since April 2009. The pessimism was felt across the region, with Japan’s Nikkei index shedding 1.1 percent and South Korea’s market losing 3.6 percent after being closed Monday.

A Hong Kong-based analyst with DBS group, Tan Su-shan, said the Asian markets are catching up to a trend that has already affected Europe.

Tan said he expects it to take a while for that trend to work its way through the system.

Analysts say the immediate cause of this week’s losses is the news from Greece, which announced on Monday it would not be able to reduce its budget deficits as much as it had promised.

Officials said Tuesday that Greece will get more loans to help it avoid default, but not as soon as officials in Athens say they need them. European shares were off by roughly 3 percent on major markets in early trading Tuesday.

The news from Asia was not entirely grim however. Taiwan’s market was up almost half a percentage point, while Chinese markets were closed for a holiday.