The Philippines stock market clocked its biggest one-day loss in history on Thursday, after trading resumed following a two-day hiatus, while other Southeast Asian markets also racked up losses on deepening worries over the coronavirus pandemic.
The Philippine stock exchange fell more than 13%, hitting its lowest in more than eight years, even as it recouped some losses after diving as much as 24.3%.
Across broader Asia, stocks, gold, commodities were sold off, and developed and emerging market bond yields spiked as firms and brokers liquidated their holdings and scrambled to shore up hard cash to fund operations.
The rush for dollars, the most widely traded currency globally, boosted its strength, hitting Asian emerging market currencies.
"The Dollar's remarkable surge is sending many emerging-Asian currencies to multi-year lows, with the latter having little to push back with amidst the heightened risk of a global recession, which would lay bare Asia's economic vulnerabilities," said Han Tan, market analyst at FXTM.
The Indonesian index dropped as much as 5.2% - triggering its fourth circuit breaker in six sessions - while the offshore rupiah slid 4.6% to its lowest since 1998.
The Indonesian central bank cut its economic growth forecast for the year in view of the financial impact of the virus, while cutting its benchmark interest rate by 25 basis points as expected.
Meanwhile, the Philippine central bank cut its benchmark interest rate by 50 basis points, which was bigger than expected.
Singapore equities lost 4.7% to end lower for a seventh straight session while Malaysian shares eased 1.6%.
Malayisa's central bank lowered its statutory reserve ratio by 100 basis point in a bid to shore up liquidity, while the country enforces a two-week partial lockdown.