Malaysia Airlines stock sharply lower

Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared an hour after takeoff on Saturday.

HONG KONG (CNNMoney) Shares of Malaysia Airlines were sharply lower by as much as 20% Monday morning after a plane departing Kuala Lumpur went missing, contributing to a regional slump in Asian markets.

The passenger jet, Malaysia Airlines Flight 370, disappeared an hour after takeoff Saturday morning en route to Beijing. At least two of the 227 passengers boarded with stolen passports, raising the possibility of terrorism. Search teams deployed by a number of countries have spotted oil slicks and some debris, suggesting the plane may have crashed, though this has yet to be confirmed.

Stocks in Kuala Lumpur posted a 0.6% drop, with Malaysia Airports plunging as much as 5% in morning trading.

Investors are also watching the uneasy standoff over Ukraine, which continues into this week, adding to concerns that a growing conflict could damage the wider European economy.

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Other Asian markets dipped Monday morning. Stocks in mainland China dropped after February exports fell sharply and the country saw its first corporate bond default. The Shenzhen Composite slid 2%, the Shanghai Composite fell 1.7% and Hong Kong's Hang Seng dropped 1.6%.

Japan's Nikkei lost around 1% in morning trading.