Tokyo share prices edged down 0.2% as investors squared off positions at the end of the month amid concerns over Japan's economic prospects, brokers said. The Nikkei-225 index closed down 40.41 points at 16,861.26.

"Some corporate investors mounted late buying to boost share prices to dress up their books. But others let go of cross-shareholdings in other companies," said Cosmo Securities product group director Hiroshi Sato. The Nikkei fell for the third straight day since closing above 17,000 on Monday for the first time since July 17.

"The market has been top-heavy after the Nikkei touched 17,000 on Monday, although investors continued buying firms with solid business results," Sanwa Securities equity operation director Kazuyuki Naito said.

Hong Kong: Share prices closed barely changed as the market ran out of steam due to a lack of leads. The key Hang Seng index gained just 1.63 points to close at 17,097.51 from a high of 17,263.01 on turnover of 8.56 billion Hong Kong dollars (1.10 billion US).

Dealers said the market began to drift during the afternoon session. "I expect it will drift until some positive leads come back into the market," one dealer said. "As it stands, the Hang Seng is testing the 17,000 point support level."

Buying in banks and property stocks gave support but they started to come off late in the session, the dealer said.

Singapore: Share prices closed 0.8 per cent down in continued light trade with a lack of fresh leads. The Straits Times Index fell 17.57 points to 2,147.77, and the broader All Singapore Equities Index fell 3.64 points to 571.92

"There are no new leads to motivate people to buy," an analyst at a local brokerage said. With no fresh funds entering the market, trading was characterised by selective purchases and rotational plays, he added. The Straits Times Index should initially hold at around 2,130 points after falling below the 2,150 psychological support level, he said.

Seoul: South Korean share prices fell 4.4 per cent on heavy foreign selling of semiconductor stocks, including Samsung Elect and Hyundai Electronics.

The composite index closed down 30.31 points at 688.62. Volume was 262 million shares worth 2.2 trillion won (2.0 billion dollars). Uncertainty over the global chip-making industry's growth outlook in the coming year triggered the massive selling of local semiconductors by foreign investors, Hyundai Securities analyst Park Young-Chul said.

But Indosuez W.I.Carr Securities analyst Kim Ki-Tae said the selloff of semiconductor shares by foreign investors is likely to be short-lived.

Manila: Philippine share prices rose 0.8 per cent on continuing positive sentiment following the release of better-than-expected economic growth figures for the June quarter.

The Philippine Stock Exchange composite index rose by 12.33 points to 1,537.52. Jacob Nocon of Asiasec Equities Inc. said the market's rise in the past week was "on the back of the good GDP figures for the second quarter but it remains to be seen if this is sustainable."

Taipei Taiwan share prices closed one percent higher on bargain-hunting after steep falls earlier this week. The Taiwan Stock Exchange weighted price index rose 73.02 points to 7,616.98, following a 3.5-per cent plunge in the previous session to this year's low.

"Investors hunted bargain shares for short-term profits to end the stock market's downturn this week," said Manager at Fubon Securities. "Today's rise was merely a technical rebound as the bourse is expected to continue lower before finding its bottom," he said.

Bangkok: Thai share prices slipped 0.6% in profit-taking with losses led by the banking sector amid renewed concerns over its non-performing loans problem.

The SET composite index fell 1.84 points to 307.83 and the SET 50 index fell 0.18 points to 21.61. SG Asia Securities analyst Anuphon Sri-Ard said the index moved in a narrow range and noted that the market was dominated by short-term, speculative investors.

He said volume remained thin with many investors sidelined awaiting a clearer picture of the market's short-term direction. Jakarta: Indonesian share prices closed down 0.6% on concern over possible security disturbances following the failure of former President Suharto to show up for his trial.