Stock markets across the Asia Pacific region saw significant declines on Monday amid concerns of a potential US downturn.
The benchmark index in Taiwan plunged 8 percent from Friday’s close, while in South Korea, it plummeted 7.6 percent.
Stocks fell 3.4 percent in Sydney and 3.2 percent in Singapore.
The declines were triggered by weaker-than-expected US jobs data released last Friday, which fueled fears among investors of an economic slowdown in the world’s leading economy.
Market players say that against the backdrop of the prolonged real-estate slump in China, worries about the US economy have surged, prompting investors to express concerns about the impact on Asian economies.
They say buy orders mainly for semiconductor stocks, which have kept the South Korean and Taiwanese markets robust, have now been replaced by a significant increase in sell-offs.