Hong Kong share prices dropped 3.0 per cent on profit-taking following recent gains and after the falls on Wall Street. The key Hang Seng index lost 491.18 points to close at 15,693.50 on turnover of 9.95 billion Hong Kong dollars (1.28 billion US). Peter Lai, director of OCBC Securities, said domestic stocks followed the lead of their US counterparts, in particular the technology stocks. "With the exception of the US leads, there has not been much news inside and outside Hong Kong," Lai said.

The market was closed on Friday for a public holiday. Dealers said sentiment also continued to be undermined by the spate of recent profit warnings from US technology giants, including Apple Computer, Dell Computer and Intel.

Singapore: Shares closed 3.9 per cent lower following the falls on Wall Street at the end of last week. The Straits Times Index (STI) fell 75.79 points to 1,887.18, sliding below the 1,900-point level for the first time since May. Investors were extremely cautious after the sharp losses posted on Wall Street last Friday and with the US closed Monday, the local market was not expected to recoup even part of its losses on Tuesday, dealers said.

"People are extremely cautious considering Wall Street's closure tonight.There is a lot of uncertainty and most investors are sidelined due to concerns on how Wall Street will perform when it reopens," said a dealer at a foreign brokerage.

Kuala Lumpur: Malaysian shares closed 0.6 per cent lower due to a lack of fresh leads and the US losses. The Kuala Lumpur Stock Exchange composite index ended down 4.56 points at 704.99. Dealers said investors remained sidelined amid concerns over a possible slowdown in the US economy and its likely impact on the domestic economy.

High global oil prices also continued to be a concern, while local semiconductor stocks remained under pressure, they said.

SEOUL: South Korean share prices fell 3.2 per cent as foreign investors sold Samsung Electronics and other blue chips, leading to weakness in the futures market and triggering programme selling.

The composite index closed down 19.67 points at its low for the day of 589.18. Volume was 339.9 million shares worth 1.77 trillion won. News that General Motors and Daewoo Motor creditors have agreed to start talks on the sale of the ailing automaker had a largely muted effect, with the positive impact limited to a few Daewoo Motor-related stocks. "Foreign selling of Samsung Electronics and other chip makers on the uncertain outlook for the chip industry kept depressing overall sentiment," Tongyang Securities analyst Park Jae-Hoon said.

Manila: Philippine share prices fell 1.7 per cent on interest rate fears and allegations that President Joseph Estrada had received bribes from gambling lords. The corruption allegations against Estrada "gives enough reason for investors to sell down their shares and play it saf," said Astro del Castillo of A and A Securities.

The Philippine Stock Exchange composite index lost 23.99 points to 1,365.01. "Most of the buyers now are locals but the volume is not very big," said Carl Valentin of Asia Pacific Capital Equities Securities Corp.

Taipei: Taiwan share prices closed 2.2 per cent lower on selling of technology stocks amid concerns about the sector's outlook and falls in US stocks. The Taiwan Stock Exchange weighted price index fell 142.61 points to 6,209.42 on turnover of 59.48 billion Taiwan dollars (1.9 billion US).

"Investors continue to unload technology stocks on concerns over slowing computer demand and the weakness of the US bourse," said Alex Chio, analyst at Dresdner RCM Global Investors Securities. "There are also worries of further weakness in the Taiwan stock market after the government resumes the seven per cent maximum daily limit on stock falls Thursday and ends support from the state stabilisation fund on Oct 15," he said.

Jakarta: Indonesian share prices closed 1.6 per cent lower because of foreign program selling amid concerns about the government's commitment to the country's economic reform program, dealers said. The Jakarta Stock Exchange composite index closed down 6.632 points at 415.364 with volume of 345.665 million shares worth 190.648 billion rupiah (21.6 million dollars.)