HONG KONG, Sept 25: Asian stocks closed mainly down Thursday on traders’ concerns about a US bailout for the finance sector, after President George W. Bush gave a dire warning for the US economy if the plan is not agreed.

Bush told the nation “our entire economy is in danger” as he sought backing for a 700-billion-dollar Wall Street rescue package which has been held up in Congress.

Without quick action, the country could slip into a long and painful recession, he said.

In Tokyo, the Nikkei closed down 0.9 per cent, Sydney ended 1.0 per cent off and Singapore eased 1.35 per cent, while Taipei was more than one per cent off at the end.

Hong Kong’s Hang Seng had traded in positive territory most of the day before slipping to close 0.2 per cent down on the US jitters.

The markets were taking their lead from Wall Street, which closed Wednesday 0.27 per cent lower as traders focused for a second day on Congressional opposition to the emergency package.

TOKYO: Japanese shares closed 0.9 per cent down, ending a three-session rebound, dealers said.

With the 700-billion-dollar bailout plan stuck in limbo, investors opted to take profits after the benchmark rose by more than five per cent over the previous three sessions.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index lost 108.50 points to 12,006.53. The broader Topix index of all first-section shares dropped 14.02 points or 1.21 per cent to 1,153.95.

Many investors are waiting for the US bailout bills to pass, so the cautious mood may persist for the rest of the week, Investrust technical analyst Hiroyuki Fukunaga told Dow Jones Newswires.

Sumitomo Mitsui, which had reportedly been set to buy shares in Goldman Sachs, will not provide fresh capital to the Wall Street giant now, but would consider doing so in the future, according to the Nikkei business daily.

The market was largely unmoved by new Prime Minister Taro Aso’s choice of cabinet, with investors waiting to see the outcome of the next general election, amid growing speculation about a snap poll late next month.

HONG KONG: Hong Kong share prices closed down 0.2 per cent, dealers said.

The Hang Seng Index closed down 27.56 points at 18,934.43 while turnover was light at 52.24 billion Hong Kong dollars (6.70 billion US).

The market had started brightly, pushed up by the strong performance of China stocks, but it was dragged down in late trade as delays in the proposed 700 billion US dollar bailout package weighed on investors.

SYDNEY: Australian share prices closed down 1.0 per cent, dealers said.

The benchmark S&P/ASX 200 fell 54.5 points to 4,927.4, while the broader All Ordinaries lost 47.4 points to 4,960.8.

A total of 1.25 billion shares worth 5.08 billion (4.26 billion US) was traded, with 475 stocks up, 518 down and 281 unchanged.

SINGAPORE: Shares closed 1.35 per cent lower, dealers said.

The blue-chip Straits Times Index closed down 33.36 points at 2,444.24 on volume of 857.73 million shares worth 864.21 million Singapore dollars (608 million US). Decliners outnumbered risers 298 to 161 with 900 stocks unchanged.

KUALA LUMPUR: Malaysian share prices closed 0.4 per cent lower, dealers said.

The Kuala Lumpur Composite Index dropped 3.66 points to close at 1,024.74.

Construction giant Gamuda dropped 2.6 per cent to 2.23 ringgit and plantation company IOI Corp was down 2.2 per cent to 4.40 ringgit.

WELLINGTON: New Zealand share prices fell 0.67 per cent, dealers said. The benchmark NZX-50 index fell 21.96 points to 3,237.72.

Market leader Telecom fell five cents to 2.79 dollars, Fletcher Building dropped four cents to 7.35 and Contact Energy rose one cent to 8.51.

Casino operator Sky City rose four cents to 3.66 dollars, Sky TV added five cents to 4.55 and discount retailer The Warehouse was up three cents to 3.20.

MUMBAI: Indian shares fell 1.08 per cent in late afternoon trade, dealers said. The BSE benchmark 30-share Sensex index was down 148.02 points to 13,544.5 at 1030 GMT.—AFP