Stocks in Indonesia plunged the most in the region, falling 2.9%, while shares in the Philippines dropped 1.4% following the unofficial result of its presidential election.
ING analyst Nicholas Mapa said the stocks drop might be in part a reflection of a survey saying Marcos is the candidate less-favoured by the investor community. Singapore stocks lost 1.3%, while shares in South Korea slid 0.7% amid pessimism over higher interest rates hampering the global economic outlook as one of Wall Street's three main indices breaching a key support level overnight.
"Some uncertainty is taken out ... from a currency perspective, a little bit more clarity, and clarity normally for a currency is supportive," said Dominic Schnider, Head of commodities and APAC Forex at UBS Wealth Management .