Oil and precious metals rose on supply concerns on Monday in thin holiday trade in Asia, while the few stock markets that were open, such as South Korea and Australia, unravelled on fear the credit crunch would spread further.
Oil prices firmed in early Asian trade after soaring 4 percent on Friday, their biggest gain in nearly two months as production problems in the North Sea and Nigeria pushed aside fears that a U.S. recession would hurt fuel demand in the world's top consumer.
With Japan, China and Taiwan closed for national holidays, South Korea and Australia set the tone, with the KOSPI falling more than 3 percent.
South Korea's KOSPI dropped 3.3 percent, catching up with a slide in global markets during last week's holiday, as investors sold banks, shipbuilders and technology shares amid growing worries over the global economy. Kookmin Bank slid 6.45 percent and Samsung Electronics lost 4.73 percent.