March 15, 2007	Thursday	Safar 25, 1428

HONG KONG, March 14: Asian stock markets closed sharply lower on Wednesday, hit by a fresh round of turmoil after Wall Street tumbled overnight on figures showed growing problems in the US housing market, dealers said.

A sharp rise in delinquency rates on US mortgages, especially in the riskier sub-prime segment, knocked sentiment badly on Wall Street where weaker-than-expected retail sales data added to the negative tone.

TOKYO: Japanese share prices tumbled 2.92 per cent, mirroring sharp falls on other global bourses as investors fretted about more signs of trouble in the US housing market, dealers said.

The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares ended below the key 17,000 points line, dropping 501.95 points to 16,676.89.

The TOPIX index of all issues on the Tokyo Stock Exchange's first section lost 50.49 points or 2.93 percent to 1,674.94.

HONG KONG: Hong Kong share prices closed 2.57 per cent lower after heavy losses on Wall Street overnight amid fresh concerns at the financial troubles of US sub-prime mortgage lenders, dealers said.

SYDNEY: Australian shares slumped 2.1 per cent amid concerns that problems in a slowing US housing market could dampen consumer demand and in turn undercut wider economy, dealers said.

SINGAPORE: Singapore share prices closed 3.35 per cent lower as heavy losses in US stocks overnight hammered the Asian markets, dealers said.

KUALA LUMPUR: Malaysian share prices closed 2.8 per cent lower after heavy losses overnight on Wall Street rattled all the Asian markets, dealers said.

JAKARTA: Indonesian share prices closed 1.95 per cent lower as investors reacted to an overnight slump on Wall Street that sparked heavy selling around Asia, dealers said.

WELLINGTON: New Zealand share prices closed sharply lower, falling 1.29 per cent as global markets tumbled in the wake of a sharp downturn on Wall Street, dealers said.

The benchmark NZX-50 index fell 52.31 points to 4,053,41 on turnover of 126.7 million dollars (86.8 million US). Falls outnumbered rises 93 to 18 among the 147 stocks traded.

Telecom is seen as a barometer for local market sentiment but its fall was also attributed to a company presentation in Australia, when it said the market was underestimating the cost of regulatory changes the firm faced.

MUMBAI: Indian shares closed down 3.49 per cent in a broadbased sell-off, snapping two days of modest gains, in line with falling Asian markets rattled by US loan mortgage defaults, dealers said.—AFP