HONG KONG, Nov 11: Asian markets retreated on Tuesday as further corporate news from the US piled more misery on investors already fearful for the future of the global economy.

A plea from General Motors for financial assistance, a huge loss at insurer AIG and the bankruptcy of US electronics retailer Circuit City weighed on traders, leading to across-the-board losses.

Tokyo lost three percent as exporters were hit by a stronger yen, while Hong Kong dived 4.8 percent and Sydney tumbled 3.6 per cent a day after rising on a 586-billion-dollar Chinese stimulus to boost domestic growth.

Seoul lost 2.1 per cent and Singapore dived 4.14 per cent.

In a fresh sign China’s economy is cooling, inflation hit a 17-month low of 4.0 per cent in October, down from 4.6 per cent the previous month, official figures showed.

Shanghai’s bourse was 1.66 per cent lower, after a 7.27 per cent rally Monday.

Chinese state press reported that more than 1,300 companies had shut down, suspended operations or moved out of south China’s Pearl River Delta in the first nine months of the year due to the global downturn.

TOKYO: Japanese share prices retreated three per cent.

The benchmark Nikkei-225 index dropped 272.13 points, or 3.0 percent, to end at 8,809.30. The Topix index of all first section issues fell 27.29 points, or 2.98 per cent, to 889.36.

Worries about General Motors weighed on automakers, whose profits are being squeezed by a stronger yen and a weak global economy.

Toyota Motor fell 4.9 per cent to 3,300 yen. Honda Motor lost 5.3 percent to 2,240 yen and Nissan Motor shed 3.6 per cent to 424 yen.

HONG KONG: Share prices closed 4.8 per cent lower.

The benchmark Hang Seng Index closed down 703.73 points at 14,040.90.

Turnover was 54.38 billion Hong Kong dollars (6.97 billion US).

After the initial euphoria, questions are being raised about the package, YK Chan, a fund manager at Phillip Asset Management, told Dow Jones Newswires.

SYDNEY: Australian share prices closed down 3.6 per cent.

The benchmark S&P/ASX200 lost 146.9 points to finish at 3,960.9 while the broader All Ordinaries dropped 138.2, or 3.4 per cent, to 3,921.8.

Some 1.26 billion shares worth $3.74 billion (2.5 billion US) changed hands.

SINGAPORE: Shares ended 4.14 per cent down.

The blue-chip Straits Times Index closed down 78.06 points at 1,806.96 on volume of 1.35 billion shares worth 953 million Singapore dollars (636 million US).

KUALA LUMPUR: Malaysian share prices closed 1.0 per cent lower.

The Kuala Lumpur Composite Index shed 9.64 points to close at 894.60.

Zelan was down 7.4 per cent at 1.25 ringgit, Tenaga Nasional shed 3.2 per cent at 6.05 ringgit while plantation company KL Kepong lost 1.8 per cent at 8.25 ringgit.

JAKARTA: Indonesian shares ended down 0.3 per cent.

The Jakarta Composite Index fell 4.12 points to 1,336.56.

Food producer Indofood fell 4.0 per cent to 970 rupiah, while Bumi Resources tumbled 9.9 percent to 1,450 rupiah.

WELLINGTON: New Zealand share prices closed 1.35 per cent lower.

The benchmark NZX-50 index fell 38.29 points to close at 2,799.56.

The Warehouse shares fell four cents to 3.85 dollars and Hallensteins was down three cents at 2.30.

MUMBAI: Indian shares fell 6.61 per cent.

The benchmark 30-share Sensex fell 696.47 points to 9,839.69.

Fears of weak industrial output data led to the sell-off. Global sentiment also remains extremely poor, said Advait Date, a dealer at brokerage BHH Securities.—AFP