HONG KONG, Dec 23,: Asian markets mostly lower Tuesday as concerns over the world economy continued to weigh on sentiment and investors sought to take profits from recent hikes.

Hong Kong was down 2.8 per cent and Shanghai plummeted 4.55 per cent as dealers decided to sell up on disappointment that a 0.57 per cent interest rate cut in Beijing was not enough.

The Tokyo market was closed Tuesday for a public holiday.

Most markets were down following a week that saw modest gains, while low turnover contributed, with dealers staying away before the Christmas holiday period. The indexes followed Wall Street, which ended 0.69 per cent lower Monday.

Duan added that the market was weighed by persistent worries over weak corporate earnings combined with a share supply glut, as a large volume of shares are coming out of the lock-up period this week.

HONG KONG: Shares closed 2.8 per cent lower.

The benchmark Hang Seng Index closed down 401.60 points at 14,220.79, its lowest close since December 5. It had fallen to 14,084.86 earlier in the session.

Turnover was light at 31.95 billion Hong Kong dollars (4.10 billion US), its lowest level in more than two years.

Investors also took profits ahead of the Christmas break after a stronger performance by the bourse over the past two weeks.

SYDNEY: Australian shares closed down 0.7 per cent.

The benchmark S&P/ASX 200 index fell 26.0 points to end the day at 3,531.4 while the broader All Ordinaries lost 24.1 points to 3,468.2.

Some 914.2 million shares worth $2.13 billion (1.5 billion US) changed hands.

BHP shed 3.9 per cent to 28.49 dollars while Rio Tinto fell 5.4 per cent to 35.37.

SINGAPORE: Singapore shares closed 1.21pc lower.

The blue-chip Straits Times Index fell 21.09 points to 1,724.54 on volume of 633 million shares worth 540 million Singapore dollars (US 373m).

The market is in a holiday mood. Nibbling by investors is decreasing, said a dealer at a bank-backed brokerage.

CapitaLand gained two cents to 2.90 dollars but City Developments fell 23 cents to 6.33.

KUALA LUMPUR: Malaysian shares closed 0.3 per cent lower.

The Kuala Lumpur Composite Index lost 2.27 points to close at 871.16.

KL Kepong fell 2.2 per cent to 8.75 ringgit while IOI Corp dropped 2.8 per cent to 3.54 ringgit.

On the upside, national power company Tenaga rose 1.7 per cent to 6.0 ringgit as Petronas Gas inched up 0.5 per cent to 9.80 ringgit.

JAKARTA: Indonesian shares ended 0.1 per cent lower.

The Jakarta Composite Stock Index closed 1.59 points down at 1343.72.

Perusahaan Gas rose 3.9 per cent after its management said there was no plan to lower gas prices.

Telkom dropped 1.4 per cent, Astra fell 6.3 per cent, and Bank Mandiri slid 2.4 per cent.

WELLINGTON: New Zealand shares closed 0.67pc lower.

The benchmark NZX-50 index fell 18.01 points to 2,661.74.

Market leader Telecom fell a cent to 2.25 dollars, Contact Energy lost 14 cents to 6.91, and Fletcher Building was down 13 cents at 5.97.

Auckland International Airport was down four cents at 1.60 dollars.

Casino operator Sky City jumped eight cents to 3.04 dollars.

MUMBAI: Indian shares fell 2.43 per cent. The benchmark 30-share Sensex index fell 241.6 points to 9,686.75, its second straight day of losses.—AFP