Global markets fell, with the S&P 500 ending 1.79% lower and the Dow Jones Industrial Average closing down 2.4% overnight. Broader Asian markets were also trading lower.
"The impact of negative oil means different things for different Asian economies - but if you have to generalize, it isn't great news," Robert Carnell, regional head of research, Asia-Pacific at ING, wrote in a note.
Such a big negative deviation from the optimal price of oil will likely weigh heavily on demand for Asia's exports, he added.
Most regional benchmark indexes tumbled more than 2%, with Philippines falling as much as 2.7%.
Consumer and industrial sectors led the declines. Aboitiz Equity Ventures fell as much as 2.9%, while conglomerate Alliance Global Group dropped 6%, hitting its lowest level since April 8.
Malaysian stocks were down as much as 2%, set for their worst day since April 1.
Press Metal Aluminium weakened as much as 5.8% to a one-week low, while CIMB Group tumbled 4.5%.
The Indonesian and Thai indexes both fell nearly 2%. Tourindo Guide Indonesia dropped to a five-week low, while Surapon Foods touched its lowest in near two weeks.
Singapore stocks shed as much as 1.6% to hit their lowest level since April 13.
Sembcorp Industries declined as much as 4.4% to its lowest since April 7, while Wilmar International lost 3.5% to hit its lowest since April 6.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0450 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2561.01 2597.85 -1.42
Bangkok 1253.61 1266.4 -1.01
Manila 5585.48 5733.65 -2.58
Jakarta 4489.148 4575.905 -1.90
Kuala Lumpur 1390.5 1413.12 -1.60
Ho Chi Minh 768.7 794.97 -3.30
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2561.01 3222.83 -20.54
Bangkok 1253.61 1579.84 -20.65
Manila 5585.48 7,815.26 -28.53
Jakarta 4489.148 6,299.54 -28.74
Kuala Lumpur 1390.5 1588.76 -12.48
Ho Chi Minh 768.7 960.99 -20.01
By Nikhil Subba
