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Stocks of Indonesia and Singapore slumped nearly 5 percent on Monday owing to the concern about the global economic outlook after Standard & Poor's downgraded the credit rating of the United States.
In early trade on Monday, Indonesia's main stock index was down 4.9 percent at 3,726.78, around its lowest in seven weeks, and Singapore's Straits Times Index had plunged 4.9 percent to 2,849.16, the lowest in a month.
Malaysian stocks dropped 3.1 percent, Thai and Philippine stocks each lost around 2.4 percent.
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