The MSCI Asia Pacific Excluding Japan Index dropped 1.2 per cent to 367.19 as of 9.35am in Hong Kong. Markets in mainland China, Japan, Taiwan and Vietnam are closed for holidays. The Hang Seng Index slumped 4.1 per cent in Hong Kong, while South Korea's Kospi index tumbled 2.5 per cent. A gauge of worldwide equities slid 2.3 per cent in the first three days of the week amid concern about the outlook for the global economy and as oil extended its slide.
"We're seeing a contagion from what's been going on in the last three days in global markets," Tim Condon, head of Asian research at ING Groep NV in Singapore, said by phone.
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