Emerging market assets were under severe pressure on Monday as Turkey’s currency crisis continued to stoke fears of spillover effects.

Among funds that track the emerging-market sector, the iShares MSCI Turkey ETF, which on Friday saw its worst one-day decline since October 15, 2008, was down nearly 12% in premarket trade Monday and on track to lose 57% of its value so far this year, based on FactSet data. If the fund falls below 19 it would put it in position to post its lowest closing value since November 2008.