As more countries lock down, global economy is diving deeper into losses.

Nervous investors in Kuala Lumpur, Malaysia, are grappling with the costs of an economic standstill arising from the coronavirus pandemic and sold more stocks on Monday, once again punishing Asian share markets.

Among the top losers in the region was Singapore Airlines after it said it would ground most of its passenger flights.

European markets also opened sharply lower, while global oil prices took another beating.

Globally, more countries joined a widening lockdown as borders were shut and travel banned, forcing airlines to drastically slash flight capacity and ground their planes. With no end in sight to the halt in global travel, many airlines could be left fighting for their survival, analysts say.

New Zealand became one of the latest nations to shut its borders to foreigners this week, with Prime Minister Jacinda Ardern saying the country will impose self-isolation, with non-essential services, schools and offices to be shut over the next two days to curb the spread of the coronavirus.

In the United States, a coronavirus response bill worth more than $1 trillion proposed by the administration of President Donald Trump stalled in the Senate after the measure failed to get the necessary 60 votes in the 100-member chamber, raising the risk of delay in delivering support to the coronavirus-hit economy.

Gold prices also fell on Monday as investors’ stockpiled cash, with rising numbers of coronavirus-led national lockdowns threatening to overshadow stimulus measures from global central banks to combat the pandemic's economic damage.

Spot gold slipped 0.6 percent to $1,488.35 per ounce by 0641 GMT, after rising as much as 3.1 percent in the previous session on a wave of stimulus.

US gold futures climbed 0.5 percent to $1,491.70.