Stock prices in Asian markets sharply dropped on Monday, following China's announcement of counter-tariffs in response to US President Donald Trump's so-called "reciprocal tariffs".



Concerns of risks of a global recession rose, causing share prices in Hong Kong, Taiwan and elsewhere to plunge.



In particular, the benchmark index in Hong Kong shed 13.22 percent from the last trading day's close, marking a record single-day drop of 3,021.51 points.



The key indices also fell in other parts of Asia with 9.7 percent drop in Taiwan, 7.34 percent in Shanghai, 5.57 percent in South Korea, and 4.23 percent in Australia.



Market players say more Asian countries were subject to harsher tariffs than initially expected, while wariness over a global trade war is heightening after China announced counter-tariffs.



They say uncertainties over the global economy prompted investors to place sell orders in Hong Kong, Shanghai and elsewhere in the afternoon, and contributed to the stock plunge.