Philippines shut down trading on its stock exchange and bond markets until further notice in a bid to protect the safety of traders, even as it put half its population of 107 million under a strict home quarantine to curb the spread.
While Philippines managed to escape the broad losses in markets, other markets in the region suffered after Wall Street's main indexes clocked a historic rout overnight in their biggest plunge since the 1987 'Black Monday' market crash.
"The global growth picture looks increasingly dire and subject to further down-side risks as the 'unknowns'... are more glaring than the 'knowns'," said Venkateswaran Lavanya, analyst at Mizuho Bank, in a note.
Lavanya also said that despite monetary policy action across the board and a commitment from G7 leaders to coordinate measures, global markets "remained unimpressed".
Indonesian equities ended 5% lower, after having triggered a circuit breaker that halted trading for thirty minutes - the third such instance across the last four trading sessions.
Financials and consumers were the worst hit, with Bank Central Asia falling 7% and household goods maker Unilever Indonesia losing 6.8%.
Singapore shares fell 1.7%, to close at their lowest in at least 10 and a half years. Lender DBS Group Holdings and real estate firm Capitaland lost about 3% each.
However, losses were limited by data that showed the city-state's exports grew 3% in February buoyed by increased shipments of electronics and specialised machinery, against expectations for a sharp decline.
The Thai bourse fell 1% in a low-volume and highly volatile trading session. The tourism-reliant nation approved plans to postpone next month's Thai New Year holiday and close schools to limit the spread of the virus.
Malaysian stocks fell 1.9%, despite the government bumping up its stimulus package by $230 million to combat the impact of the virus.
The nation closed off its borders, restricted internal movement, shut schools and universities and ordered most businesses to close after a rapid rise in coronavirus cases.
By Arpit Nayak