HONG KONG, Sept 23: Share prices fell across most of Asia on Tuesday, as doubts mounted over whether a drastic rescue package for the US financial sector could avert an economic meltdown.

After sharp rises in global markets on hopes the US government’s $700 billion plan could boost shattered confidence, investors turned bearish again.

Hong Kong shares saw the biggest fall, plummeting 3.9 per cent as dealers cashed in after the market had rebounded more than 20 per cent since Thursday.

Australian share prices shed 1.9 per cent on worries about the rescue plan, while China’s benchmark index ended down 1.56 per cent after two days of massive gains. Indian shares lost 3.03 per cent.

Singapore shares fell 2.66 per cent, while South Korea closed up 1.44 per cent after the KOSPI index had underperformed Monday.

Investors piled into gold and oil as they assessed whether the US Congress would endorse President George W. Bush’s move to buy up troubled mortgage-backed securities from distressed banks.

Gold prices listed in Hong Kong closed at US$892.00-893.00 an ounce on Tuesday, $15 higher than its close on Monday.

HONG KONG: Hong Kong shares closed down 3.9 per cent, as markets fell across Asia on growing doubts about a huge US rescue package for the ailing financial sector, dealers said.

The benchmark Hang Seng Index closed down 759.35 points at 18,872.85.

Turnover was 64.37 billion Hong Kong dollars (8.25 billion US).

Trading activity dived as many investors chose to stay on the sidelines to reduce their exposure to the volatile market, dealers said.

Many said they expect the weak US and Chinese equities markets to weigh on Hong Kong’s blue-chip index in the near term.

SYDNEY: Australian shares closed down 1.9 per cent, dealers said.

The benchmark S&P/ASX 200 fell 97 points to 4,923.5, while the broader All Ordinaries dropped 92.4 points to 4,957.7.

A total of about 1.0 billion shares worth 3.9 billion dollars (3.2 billion US) was traded, with 384 stocks up, 641 down and 298 unchanged.

SINGAPORE: Singapore shares closed 2.66 per cent lower on doubts of whether a US government bailout plan for the country’s battered financial system can help avoid a recession, dealers said.

The blue-chip Straits Times Index fell 67.62 points to 2,476.51.

KUALA LUMPUR: Malaysian share prices fell 0.2 per cent due to Wall Street’s overnight plunge and doubts over the US rescue plans for its troubled banking sector, dealers said.

The Kuala Lumpur Composite Index lost 2.4 points to close at 1,026.18.

Gaming company Genting gained 0.98 per cent at 5.15 ringgit while top bank Maybank was flat at 6.95 ringgit.

JAKARTA: Indonesian stocks fell 1.3 per cent on profit-taking amid bearish global sentiment over the ongoing financial turmoil in the United States, dealers said.

The Jakarta Composite Index shed 24.24 points to close at 1,873.1 on thin volume.

Nickel miner Inco bucked the trend to rise 13.2 per cent to 3,425 rupiah.

WELLINGTON: New Zealand share prices fell 0.85 per cent, dealers said.

The benchmark NZX-50 index fell 27.53 points to 3,228.19.

Market leader Telecom fell two cents to finish at 2.80 dollars and Fletcher Building fell by the same margin to 7.30.

Second-ranked Contact Energy dropped 10 cents to close at 8.60 dollars.

ING Property finished two cents higher at 72 cents.

MUMBAI: Indian shares fell 3.03 per cent in nervous trade on concerns that the US government’s bailout plan to help contain the financial crisis could be delayed, dealers said.

The BSE benchmark 30-share Sensex index fell 424.65 points to 13,570.31, its second straight day of losses.—AFP