The key Tokyo market slumped 2.0 per cent and Hong Kong slipped 2.7 percent as concerns about the direction of US markets intensified. Malaysia was the only market in the region to rise Wednesday, with an unconvincing 0.4 percent gain due to institutional buying of key blue chips. On Tuesday, the tech-heavy Nasdaq tumbled 115.03 points or 3.4 per cent to close at 3,240.53 while the Dow industrials slipped 44.03 points or 0.4 percent to 10,524.40.

The Tokyo Stock Exchange's Nikkei-225 index lost 314.15 points to close at 15,513.57, the lowest closing level since March 12, 1999, when the key indicator ended at 15,488.86. "The fall is mainly due to the US market's performance," said Tatsuo Kurokawa, senior market analyst at Nomura Securities. Co. "There isn't any other major incentive in the Tokyo market to buy or to sell."

Sentiment on Wall Street was hit by expectations that corporate earnings of US firms would slump on the back of a weak euro and soaring crude oil prices, brokers said. "Share prices in Tokyo are going down solely because of the lingering concerns over the outlook of US shares," Kurokawa said. The Nikkei index temporarily plunged below the 15,500 point level, but public funds, such as postal savings and pension funds, helped stop the index declining further, brokers said.

Hong Kong: Share prices slid 2.7 per cent as already negative sentiment was further dampened by the overnight losses on Wall Street. The key Hang Seng index lost 427.11 points to close at 15,127.00 on turnover of 8.1 billion Hong Kong dollars (1.04 billion US).

Sunny Chan, vice-President of KGI Securities, said the Hang Seng Index was pressured by the decline on Wall Street overnight and the subsequent weakness in regional stock markets on Wednesday. He said it was difficult to predict the direction of the Hang Seng index near term because of thin turnover. Dealers said Financial stocks were further weakened by reports their US counterparts stand to incur losses on their exposure to the junk bond market, while hi-tech counters extended their declines following a profit warning from Lucent Technologies. Singapore: Share prices closed 3.5 per cent lower as shockwaves from tumbling technology stocks in the US rocked the local market. The Straits Times Index fell 67.25 points to 1,846.56, while the broader All Singapore Equities Index dropped 14.94 points to 493.88.

Kuala Lumpur: Malaysian shares closed 0.4 per cent higher due to buying of selected blue chips. The Kuala Lumpur Stock Exchange composite index ended up 3.00 points at 714.25. Dealers said weak sentiment exacerbated by regiona weakness continued to undermine the broad market.

Seoul: South Korean share prices plunged 5.3 per cent on heavy foreign and institutional selling of semiconductor and telecoms stocks after Nasdaq's sharp losses overnight. The Korea Stock Exchange composite index closed down 31.16 points at 557.18, off a low of 548.29. The market saw a sell-off amid weak futures, with the index briefly falling through the 550-point level.

Manila: Philippine shares fell 0.5 per cent due to the depreciation of the peso and a scandal involving alleged illegal gambling payoffs to President Joseph Estrada. The Philippine Stock Exchange composite index fell 5.96 points to 1,326.26, the lowest closing level since the index ended at 1,324.22 points on October 14, 1998 while the country was still reeling from the Asian crisis.

Taipei: Taiwan share prices closed 2.7 per cent lower on selling sparked by Wall Street's overnight losses. The Taiwan Stock Exchange weighted price index fell 168.87 points to 6,040.55, on turnover of 24.78 billion Taiwan dollars (791.67 million US), the lowest level in eleven months.

Bangkok: Thai stocks closed 2.5 per cent lower, dragged down by the depreciating baht and falls in other regional markets. The weaker baht and continued foreign selling in large caps and blue chip stocks also depressed the market, they said. The Stock Exchange of Thailand (SET) composite index dropped 6.38 points to close at a two-year low of 250.60 and the SET 50 index lost 0.56 points to 16.91.

Jakarta: Indonesian share prices closed 0.1 per cent lower amid a technical rebound in selected major stocks. The Jakarta Stock Exchange composite index closed down 0.585 points at 412.330.