In Hong Kong, the benchmark Hang Seng Index opened trading on Monday 419 points, or 1.7 percent, lower at 24,532.
The China enterprises index was 152 points, or 1.8 percent, down at 8,301 while the tech index was 132 points, or 2.8 percent, down at 4,645.
On the mainland, the benchmark Shanghai Composite Index opened down 29 points, or 0.75 percent, at 3,884.
The Shenzhen Component Index was 141 points, or 1.03 percent, lower at 13,618 while the ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, was down 1.26 percent to open at 3,254.
The losses came after the Financial Times on Sunday quoted US President Donald Trump as saying that Kharg Island in the Persian Gulf, from where Iran exports much of its oil, could be seized but also that a ceasefire could come quickly.
Pakistan said it was preparing to host “meaningful talks” to end the conflict over Iran in the coming days even though Tehran earlier accused Washington of preparing a land assault as the US military sends more troops to the region.
Yemen’s Iran-aligned Houthis also launched their first attacks on Israel since the start of the conflict.
“Iran’s control of the Strait of Hormuz, capacity to disrupt global energy and food markets, and sustained missile and drone capabilities give it little incentive to concede, pressuring the US to escalate,” said Madison Cartwright, senior geo-economics analyst at Commonwealth Bank of Australia.
“We expect the war to run at least into June, with the risk tilted to a longer conflict.”
The clampdown on the strait has sent prices for oil, gas, fertiliser, plastic and aluminium surging, along with fuel for planes and shipping.
Prices for food, pharmaceuticals and petrochemical products are all set to rise.
That is bad news for Asia, as much of the region is highly dependent on energy from the Middle East.
In Tokyo, the Nikkei stock index opened down 1,318 points, or 2.47 percent, at 52,054.
The benchmark went further downhill from there and was 2,474 points, or 4.65 percent, lower at 50,898 at one point just before noon local time.
In Seoul, the Korea Composite Stock Price Index was 257 points, or 4.73 percent, down at 5,181.
The Kospi was 210 points, or 3.87 percent, down at 5,228 at one stage before noon. (Reuters/Xinhua)
Edited by Tony Sabine
