March 05, 2008	Wednesday	Safar 26, 1429

HONG KONG, March 4,: Asian stocks closed mostly down on Tuesday with worries about a looming US economic recession continuing to weigh on investors after causing share prices to plunge at the start of the week.

Mainland Chinese stocks fared the worst, falling more than two per cent as fears of US economic woe, fresh measures to cool the rapidly growing Chinese economy and an expected surge in the supply of shares spooked investors.

Japan’s stock market, Asia’s biggest, closed little changed but investors were still smarting from a 4.5pc slide in Tokyo on Monday, when most of Asia tumbled.

Elsewhere, Hong Kong closed down nearly two per cent. Shares also fell in Singapore and in Sydney, where the central bank raised borrowing costs Monday to a 12-year high of 7.25 per cent.

TOKYO: Japanese share prices ended steady as investors refrained from buying due to ongoing worries about the health of the US economy and the weakness of the dollar, dealers said.

The benchmark Nikkei-225 index edged up 0.10 point to end at 12,992.28, remaining close to Monday’s near six-week low below the key 13,000 level.

The broader Topix index declined 5.49 points or 0.43 per cent to 1,265.66.

HONG KONG: Hong Kong share prices closed 1.97 per cent lower, dealers said.

The Hang Seng index closed down 465.10 points at 23,119.87. Turnover was low at 84.12 billion Hong Kong (10.80 billion US).

China Mobile lost 2.30 at 113.80 and China Life was down 1.10 at 29. HKEx shed 4.10 at 141.60 ahead of its results Wednesday.

SYDNEY: Australian share prices closed 0.47 per cent lower, dealers said.

The benchmark S&P/ASX 200 closed down 25.5 points at 5,380.3, while the broader All Ordinaries fell 31.5 points or 0.57 per cent to 5,479.20. Market turnover was 1.6 billion shares valued at around 6.4 billion dollars.

The central bank raised rates by 25 basis points to 7.25 per cent, a 12-year high.

SINGAPORE: Singapore share prices closed 0.23 per cent lower, dealers said.

The main Straits Times index fell 6.87 points to 2,919.68 on volume of 1.30 billion shares worth 1.54 billion Singapore dollars (1.11 billion US).

DBS Group gained 18 cents to 17.20 dollars. CapitaLand was down a cent at 6.06 dollars. Singapore Airlines dipped four cents to 15.00 dollars.

KUALA LUMPUR: Malaysian share prices closed 1.3 per cent lower, dealers said.

The Kuala Lumpur Composite Index closed down 16.59 points at 1,314.02.

British American Tobacco fell 2.8 per cent to 42.75 ringgit. DiGi.com, Malaysia’s third largest cell phone carrier, dropped three per cent to 22.80 ringgit. Plantation firm Sime Darby was steady at 11.10 ringgit.

General elections are due on Saturday.

JAKARTA: Indonesian share prices closed down 0.7 per cent, dealers said.

The Jakarta Composite index closed down 17.56 points at 2,634.75.

Bumi Resources dropped 400 rupiah to 6,850. Tin miner Timah advanced 300 to 32,500.

WELLINGTON: Zealand share prices closed little changed, dealers said.

The benchmark NZX-50 gross index rose 0.21 points to 3,584.47.

MUMBAI: Indian shares provisionally closed down 1.53 per cent, dealers said.

The Sensex index closed down 254.21 points at 16,435.11, the initial figures showed.

The release of the confirmed closing level is delayed from March 4 to March 18 inclusive.

—AFP