HONG KONG, Oct 6: Asian shares tumbled on Monday, with Japan at a four-year low, as dealers feared for the health of the global economy despite a Wall Street bailout and as the credit crisis bites deeper in Europe.

Lawmakers in Washington on Friday passed a $700 billion package for the US financial system after days of wrangling, but investors fear the plan will not be enough to prevent a world economic meltdown.

Japan’s Nikkei shed 4.25 per cent to reach its lowest level since February 2004, while Taipei also hit a four-year low after sliding 4.12 per cent.

Hong Kong, Shanghai and Singapore all lost more than five per cent, while Seoul slid 4.3 per cent and Sydney was off 3.3 per cent.

And in Jakarta the index was a massive 10 per cent down, its steepest single day decline in 10 years.

Investors dumped shares after US stock markets had fallen sharply on Friday, despite US congressional approval of the bank bailout.

As the US-born financial crisis took a stronger grip in Europe, the German government agreed an emergency rescue package of 50 billion euros (68 billion dollars) for Hypo Real Estate, late Sunday before markets opened in Asia.

France’s BNP Paribas meanwhile announced Sunday it was taking control of the operations of ailing financial group Fortis in Belgium and Luxembourg.

Francis Lun, general manager at Fulbright Securities in Hong Kong, said:

Europe and US account for almost half the world’s economy.

TOKYO: Japanese share prices plunged 4.25 per cent, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 465.05 points to end at 10,473.09, the lowest closing level since February 12, 2004.

The sell-off intensified after the index dropped below the key support level of 10,500 points.

The broader Topix index of all first section shares slid 48.92 points, or 4.67 per cent, to end at 999.05, slipping below 1,000 points for the first time since December 2003.

Banking stocks bore the brunt of the sell-off.

Mitsubishi UFJ Financial dived 9.2 per cent to 806 yen.

Sony fell 6.6 per cent to 2,810 yen while Sharp ended 5.4 per cent lower at 1,003.

HONG KONG: Share prices closed down 5.0 per cent, dealers said.

The benchmark Hang Seng Index ended the session down 878.64 points at 16,803.76, its lowest close since July 2006. Turnover was light at 47.33 billion Hong Kong dollars (6.07 billion US).

Investors were also unimpressed by China’s efforts to boost the market.

SYDNEY: Australian share prices closed down 3.3 per cent, dealers said.

The benchmark S&P/ASX 200 index lost 155 points to close at 4,540.4, while the broader All Ordinaries index slipped 158.1 points to 4,544.7.

Turnover was some 643 million shares worth about $2.24 billion (1.67 billion US), with 208 stocks closing up, 813 down and 259 unchanged.

ANZ was down 3.5 per cent at 18.05 dollars, Westpac dropped 3.1 per cent to $22.50, National Australia Bank shed 2.3 per cent to 25.55 dollars and the Commonwealth Bank of Australia was down 2.2 per cent to $44.00.

BHP Billiton, dropped 2.1 per cent to 29.79 dollars while its takeover target Rio Tinto fell 5.0 per cent to $84.48.

SINGAPORE: Shares closed more than five per cent lower, dealers said.

The blue-chip Straits Times Index (STI) ended down 5.61 per cent, or 128.80 points, at 2,168.32 -- its lowest close since June 2005.

Volume was 1.14 billion shares worth 1.35 billion Singapore dollars (924 million US).

KUALA LUMPUR: Malaysian share prices closed 1.95 per cent lower, dealers said.

The Kuala Lumpur Composite Index dropped 19.86 points to close at 996.84

Plantation giant Sime Darby gained 0.76 per cent to 6.65 ringgit while utility firm Tenaga declined 2.22 per cent to 6.60 ringgit.

JAKARTA: The Indonesian share market plunged 10 per cent, dealers said.

The Indonesia Stock Exchange’s main index dropped 183.77 points to 1,648.74.

Bumi plunged 32 per cent to 2,175 rupiah and rival Bukit Asam ended down 23 per cent at 7,200.

WELLINGTON: New Zealand share prices tumbled 3.27 per cent, dealers said.

The benchmark NZX-50 index fell 103.16 points to 3,048.38.

Market leader Telecom fell 10 cents to $2.76, Fletcher Building was down 33 cents at 6.50 and Contact Energy dropped 21 cents to 7.40.

Financial services firm Tower declined five cents to $1.73, Mainfreight fell 24 cents to 6.16 and Port of Tauranga dropped 20 cents to 6.70.

MUMBAI: Indian shares plunged 5.58 per cent in late afternoon trade, dealers said.

The BSE benchmark 30-share Sensex index was down 698.64 points at 11,827.68, just off a day’s low of 11,811.13, a level last seen in September 2006.

—AFP