Straits Times Index (STI) had its largest single-day fall since Oct 24, 2008, when the benchmark lost 8.3 per cent. The blue-chip index opened 5.7 per cent lower after last Friday's relief rally. Sell-offs in the local market persisted as investors continued to liquidate assets, preferring to hold cash, in particular the US dollar.

The STI closed 177.26 points or 7.4 per cent lower at 2,233.48 with all 30 counters finishing with losses. This has left the STI firmly in bear territory, down 34.6 per cent from the 52-week high of 3,415.18 reached during the April 29, 2019 session.

Oil prices inched higher on Monday, while US petrol prices plunged more than 30 per cent to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.

Japan's government is expected to offer its bleakest economic assessment in nearly seven years in March as the coronavirus outbreak cools private consumption and business sentiment, the Nikkei newspaper reported on Tuesday.

Wall Street stocks finished another rocky session much lower on Monday amid partisan squabbling over a giant stimulus package as the Federal Reserve announced new emergency measures.

European shares fell again on Monday as the continued spread of the coronavirus fed into panic over its economic shock, with a recession in 2020 looking likely.

Malaysia on Monday suspended short-selling until April 30 due to heightened volatility amid the spread of the coronavirus, the country's market regulator and stock exchange said in a joint statement.

Frencken Group said on Monday that it has received approval from the authorities in Malaysia to continue its mechatronics manufacturing operations in Bangi, Selangor, amid Malaysia's ongoing movement control order.

UMS Holdings said on Monday that its factory in Penang will remain closed till March 31, in compliance with Malaysia’s ongoing movement control order.

Singapore Airlines (SIA) is initiating deeper pay cuts for its management team, while introducing compulsory no pay leave (CNPL) on certain days each month for pilots, executives and associates.

VALUETRONICS Holdings on Monday said over 80 per cent of its employees in China have resumed work.

Dubai's famous malls will shut down for a fortnight under the United Arab Emirates' plan to curb coronavirus, which will also see its airports closed to passenger and transit flights.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR