Southeast Asian stock markets plunged to fresh lows on Monday on concerns over China's economy and selloffs in global equities. Alarm bells rang across world markets as a 9 percent dive in Chinese shares and a sharp drop in the dollar and major commodities panicked investors. The Philippine main index ended the day down 6.7 percent, its biggest loss since June 2013, erasing all its gains for the year and turning into a year-to-date loss.
The Manila bourse said foreign investors sold a net 2.95 billion peso ($63.06 million) worth of shares and Energy Development Corp was among the decliners as oil prices hit 6-1/2 year lows. Vietnam closed down 5.3 percent, its biggest loss since May 2014, taking its fall so far this year to 3.4 percent. The Thai SET index shed 4.7 percent to 1,301.06, its intra-day low and also a 1-1/2 year closing low. The Thai stock market, which saw foreign selloffs last week after the Bangkok bomb blast, saw a net outflow of 4.8 billion baht ($134 million) on the day.
Jakarta fell 4 percent, extending its slide from this year's high in April to 25 percent at one point, technically falling into bear market territory defined as a 20 percent decline or more from recent highs. Malaysia closed at its lowest level since January 2012, recording net outflows worth 379 million ringgit ($89.01 million) during the session. Singapore ended down 4.3 percent at its day-low.