Concerns over the US-China trade war loom over Asian markets leaving them in bear territory resulting in a flat close for the peso against the greenback. The peso finished the trade at 54.18, which a trader said is in line with counterparts in the region.

In a CNBC Report, Asian markets fell sharply on Thursday. Stock indexes in Shanghai and Shenzhen both tumbled more than 5 percent. This reflects the Dow and S&P 500 which posted their biggest one-day drops since early February, while the Nasdaq notched its largest single day sell-off since June 24, 2016.

In Southeast Asia, stocks also fell sharply. During mid-afternoon trade, Singapore`s Straits Times Index fell by 2.66 percent, while the Jakarta composite was down by 1.76 percent, and the KLCI in Malaysia was lower by 1.71 percent.

Noting the effects of Donald Trumps trade war with China, investors await new developments as some analysts predict that Chinese investments will likely enter nearby economies like Southeast Asia to take advantage of growing markets.

( with reports fromPNA)Photo: CNBC Screenshot