HONG KONG, July 10: Asian stocks closed mostly down on Thursday after a Wall Street slump soured sentiment and key economic numbers painted a picture of slowing regional growth.

Australian and Chinese shares led the declines among major markets, both falling around 1.5 per cent after US shares tumbled more than two per cent on Wednesday.

Wall Street fell as investors fretted about upcoming corporate profits figures. They worry an economic slowdown after a financial crisis and credit crunch, together with rising inflation as oil prices soar, will squeeze firms.

Singapore shares fell 0.55 per cent after the government said the city-state’s economy grew at its weakest pace in five years. Analysts said the 1.9-per cent second-quarter growth could portend an overall Asian slowdown.

Elsewhere in the region, Japan edged up and Taiwan rose, but Hong Kong closed little changed and India ended lower. New Zealand led the decline among smaller markets, falling more than two percent.

Asia is braced for the impact of an economic slowdown in the US after a default crisis among so-called “subprime,” or riskier American mortgages, and sharp house price falls in the world’s biggest economy.

TOKYO: Japanese share prices closed 0.12 per cent higher despite a Wall Street tumble, but worries over US corporate earnings lingered, dealers said. The Tokyo Stock Exchange’s benchmark Nikkei-225 index edged up 15.08 points to 13,067.21. The broader Topix index of all first-section shares rose 5.23 points or 0.41 per cent to end at 1,290.76.

Trading volume was estimated at 2.0135 billion shares, up from 1.966 billion shares on Wednesday.

HONG KONG: Hong Kong share prices closed flat, dealers said.

The Hang Seng Index closed up 15.97 points at 21,821.78. Turnover was 74.18 billion Hong Kong dollars (9.50 billion US).

The Hang Seng Index has fallen 22 per cent since the beginning of this year.

Investors are finding good bargains when the benchmark index declines to near 21,000, said Francis Lun, general manager at Fulbright Securities.

SYDNEY: Australian share prices closed 1.5 per cent lower, dealers said.

The benchmark S&P/ASX 200 index fell 74.5 points to 4,937.4, while the broader All Ordinaries was down 68.9 points at 5,020.5.

Market volume was 1.68 billion shares worth 5.34 billion (5.1 billion US).

CMC Markets senior dealer James Foulsham said the Australian market held up reasonably well considering the scale of losses on Wall Street.

SINGAPORE: Singapore shares closed 0.55 per cent lower, dealers said.

The blue-chip Straits Times Index closed down 16.04 points at 2,901.58.

Volume was 1.12 billion Singaporean dollars (825 million US).

Low economic growth figures affected market sentiment, but the index held up quite well, said K Ajith, analyst at UOB Kay Hian.

KUALA LUMPUR: Malaysian shares closed down 0.4 per cent, dealers said.

The Kuala Lumpur Composite Index lost 4.32 points to 1,135.49.

British American Tobacco advanced 1.8 per cent to 42.0 ringgit. Sime Darby eased 1.2 per cent to 8.35 ringgit. Tenaga added 0.6 per cent to 8.20 ringgit.

JAKARTA: Indonesian shares closed 0.4 per cent lower, dealers said.

The Jakarta Composite Index fell 9.8 points to 2,276.23.

Late buying in telecommunication and resources blue-chips lifted the main index from its low, a trader told Dow Jones Newswires.

WELLINGTON: New Zealand shares tumbled to close 2.04 per cent lower, dealers said.

The NZX-50 gross index fell 64.90 points to close at 3,112.56.

Market leader Telecom fell 14 cents to 3.37 dollars, while Contact Energy dropped 11 cents to 7.51 and Fletcher Building was down 30 cents at 6.43.

MUMBAI: Indian shares closed down 0.27 per cent, dealers said.

The benchmark Mumbai 30-share Sensex index fell 38.02 points to 13,926.24.

There are apprehensions on the margins front and on interest costs for companies.—AFP