Stocks closed sharply down by 190.64 points or 8.33% to 2097.8 as panic in Asian markets spread following a Wall St. meltdown.
The Nikkei headed for its biggest one day fall since the 1987 market crash, spooking all markets in the region.
Indonesia kept its market closed for the third consecutive day.
Singapore admitted its economy had entered into a recession, its first in six years. It also eased its monetary policy, another first more than four months.
Losers swamped gainers 135 to 7, while 12 stocks remained unchanged.
A total of 2,740.65 million shares were traded, valued at P3.03 million.
All stock indices closed lower, with the property sector closing 9.57% down.
International news wires reported the Dow Jones industrial average tumbled 679 points -- more than 7.0 percent -- to its lowest level in five years.
US stocks took a nosedive after a major credit-rating agency said it might cut its rating on General Motors and Ford, further unnerving investors already fretting over the impact of tight credit on the economy.
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