Asian markets continues to slump, after the historic downgrade of the US credit rating. Tokyo share prices tumbled more than four per cent on Tuesday morning. The benchmark Nikkei-225 index of the Tokyo Stock Exchange briefly lost 4.16 per cent before trading down 373 points or 4.10 per cent at 8,725 in mid-morning trade. The benchmark index opened down 2.04 per cent and quickly widened losses in early trade, on the third straight trading day of heavy losses on the Tokyo bourse. South Korean shares were down five per cent in early trade today, prompting the Korea Exchange to halt programme trading for a second straight day for five minutes. Hong Kong shares tumbled 6.49 per cent in the first few minutes of trade today as global markets continued to suffer heavy selling in the wake of last week's US credit downgrade. Singapore financial markets are closed today for a public holiday. They will reopen tomorrow. The New Zealand share market fell 3.1 per cent at the open today as losses continued after the US credit downgrade and Europe's sovereign debt crisis. Australia's benchmark S&P/ASX-200 index lost 4.5 per cent to 3,807. Taiwan's TAIEX dropped 4.9 per cent.