ASIA MARKETS - Financials suffer big losses on Wall Street slide

HONG KONG (MarketWatch) -- Asian markets suffered heavy losses Friday, reacting to a slide on Wall Street, with the declines led by financials such as Mizuho Financial Group in Tokyo, National Australia Bank in Sydney and HSBC Holdings in Hong Kong.

Hong Kong's Hang Seng Index dropped 3% 22,648.14, while the Hang Seng China Enterprises Index shed 3.3% to 12,632.31.

"Things seem to be getting worse because there is no buying. The (trend of declines) will go on until the end of this quarter and we don't expect any rebound until April," said Francis Lun, general manager at Fulbright Securities in Hong Kong.