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"The pain will be felt across Asia today," wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a research note.
Asian markets now have to deal with the damaging effects of several trade disputes, said Stephen Innes, a market strategist for Asia Pacific at Axi Trader. Spats between the United States and China, South Korea and Japan, and the United States and the European Union are all creating causes for concern.
"With the global economic data continuing to deteriorate this new trade war front will stoke the recessionary fears to no end," Innes wrote in a research note Thursday.
The year-on-year decline is the steepest for a single month on record, according to a government spokesperson. The plunge reflected "severe disruptions" to tourism and consumer activity caused by escalating demonstrations.
Protesters clashed with police and residents across multiple districts on Tuesday, the 70th anniversary of the founding of the People's Republic of China. The protests have lasted for months.
On Thursday, major retail groups and shopping mall owners were among the hardest hit on the Hang Seng. Sun Hung Kai Properties, a major shopping center owner and property developer, declined 1.1% in trading. Rival CK Hutchison also dropped 1.1%. Both were down more than 2% earlier in the day.