HONG KONG, July 25: Asian shares tumbled on Friday with Australia and India suffering heavy falls of more than three per cent on fresh worries of US economic woe due in part to the country’s ailing housing market.

Sydney and Mumbai both shed about 3.4 per cent following a slide Thursday on Wall Street after data showed US home sales fell in June to a 10-year low and Ford posted its worst quarterly loss in history of $8.7 billion.

Many of the region’s other major markets also endured sharp falls, with Japan down nearly two per cent and Hong Kong, China, Taiwan, South Korea and Singapore slipping 1.5 per cent or more.

Smaller Asian markets were down Friday too as optimism apparent earlier in the week waned across the region, which is battling high inflation due to soaring food and fuel costs, and feeling the chill from the cooling US economy.

TOKYO: Japanese share prices slid 1.97 per cent, dealers said.

Investors were cautious ahead of a slew of earnings reports due next week.

News that Japanese inflation hit a fresh decade high in June did little to lift sentiment.

The Tokyo Stock Exchange’s Nikkei-225 index fell 268.55 points to close at 13,334.76, snapping a three-day winning streak.

The broader Topix index of all first-section shares slid 34.29 points or 2.57 per cent to 1,298.28, dropping below the symbolic 1,300-point mark.

HONG KONG: Hong Kong share prices closed 1.5 per cent down, dealers said.

The benchmark Hang Seng Index dropped 347.01 points to 22,740.71. Turnover was 61.39 billion Hong Kong dollars (7.87 billion US).

Mining and energy firm Shenhua plunged 6.73 per cent after Chinese authorities said they will tighten controls on spot coal prices.

SYDNEY: Australian share prices plunged 3.37 per cent, dealers said.

The benchmark S&P/ASX 200 index finished down 173.6 points at 4,970.5, while the broader All Ordinaries shed 157.4 points or 3.03 per cent to 5,031.

Market volume was 1.4 billion shares worth 7.98 billion dollars (7.74 billion US).

NAB was the hardest hit, closing down 13.5 per cent at 25.56 after announcing an additional 830 million dollars in losses from exposure to the US mortgage market.

SINGAPORE: Singapore share prices closed 1.85 per cent lower, dealers said.

The blue-chip Straits Times Index fell 55.00 points to 2,922.91 on light volume of 834.57 million shares worth 1.06 billion Singapore dollars (779 million US).

One dealer said investors were hesitant to make moves in the local bourse:

KUALA LUMPUR: Malaysian share prices closed little changed, dealers said.

The Kuala Lumpur Composite Index ended at 1,141.75.

Sime Darby was down 0.6 per cent to 8.00 ringgit and Telekom Malaysia International was down 1.6 per cent to 6.10. Ranhill rose 31.6 per cent to 1.27 ringgit.

JAKARTA: Indonesian shares closed down 0.5 per cent, dealers said.

The Jakarta Composite Index shed 11.71 points to 2,245.34 .

Bargain buying in plantation-related stocks lifted the main index from (an intra-day) low,” a trader told Dow Jones Newswires.

WELLINGTON: New Zealand share prices closed down 1.01 per cent, dealers said.

The benchmark NZX-50 index closed 33.07 points lower at 3,254.16.

Market leader Telecom gained two cents to 3.49 dollars. Contact Energy fell 35 cents to 8.12, while Fletcher Building fell 22 cents to 6.69.

MUMBAI: India’s share prices closed down 3.4 per cent, dealers said.

The benchmark 30-share Sensex index fell 502.07 points to 14,274.94.—AFP