Asian Market Update : Epic Research Malaysia

Asian markets tumbled Wednesday after Greece was slapped with a deadline to submit fresh bailout reform proposals or face a eurozone exit, while Shanghai and Hong Kong plunged as fears about China's stock collapse spilled over into regional markets.

The European leaders' ultimatum to Athens, which could see it ejected from the currency bloc at the weekend, saw traders scramble to safer investments, pushing the yen higher.

Shanghai tumbled almost seven percent and Hong Kong lost 4.74 percent soon after opening, despite Chinese leaders announcing a slew of measures to staunch a mainland bloodletting that has wiped trillions off the country's markets.

Elsewhere in Asia Tokyo was 1.52 per cent lower by lunch, Sydney slipped 1.26 per cent and Seoul was off 0.99 per cent.

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