Asian stock markets were sharply lower in trading Monday.

Tokyo's Nikkei index dropped nearly two percent , to close at 8,784.

Hong Kong's Hang Seng index lost nearly three percent , to end at 19,616.

Elsewhere share prices were lower in Manila, Wellington, Taipei, Sydney and Shanghai. Markets also dropped in Seoul, Singapore, Kuala Lumpur, Bangkok, Jakarta and Mumbai.

The dollar was selling at 76.86 yen, up slightly from late Friday.

Gold was trading at $1,887.40 an ounce.