HONG KONG, Feb 16: Asian share prices fell on Monday after Japan said its economy suffered its worst contraction in almost 35 years and G7 finance ministers warned the global turmoil was far from over.

Tokyo was down 0.38 per cent after official data showed the economy shrank at an annualised pace of 12.7 per cent in the three months to December, the worst performance since the 1970s oil crisis.

Sydney fell 1.2 per cent in response to weakness in the resources sector while Hong Kong ended down 0.7 per cent, led by falls in banking stocks ahead of annual results.

TOKYO: Down 0.38 per cent. The benchmark Nikkei-225 index lost 29.23 points to 7,750.17.

Exporters were pressured by a stronger yen, which rose after G7 finance ministers refrained from talking down the currency.

Canon shed 1.2 per cent to 2,415 yen, while Sony declined 1.3pc to 1,699 yen and Honda Motor fell 1.6pc to 2,200 yen.

HONG KONG: Down 0.7pc. The benchmark Hang Seng Index slid 98.79 points to 13,455.88.

Bank of East Asia (BEA), which is expected to announce poor annual results on Tuesday, plunged 4.1pc to 15.56 dollars.

SYDNEY: Down 1.2 per cent. The benchmark S&P/ASX 200 slipped 42.2 points to 3,516.9.In the resources sector, Rio Tinto fell 20 cents to 50.80 dollars, while rival BHP Billiton dropped 56 cents 32.14.

Among the major banks, the Commonwealth dropped 1.78, or 5.67 per cent, to 29.62 and National Australia Bank added 12 cents to 18.57, while ANZ rose two cents to 12.98 and Westpac fell one cent to 16.94.

SINGAPORE: Down 1.31 per cent. The blue-chip Straits Times Index ended 22.33 points lower at 1,683.31.

Singapore Airlines closed down 16 cents at 10.44 after announcing it will decommission 17 passenger aircraft over the financial year from April as travel and cargo demand continue to fall during the global economic crisis.

KUALA LUMPUR: Down 0.3 per cent. The Kuala Lumpur Composite Index lost 2.65 points to 907.19.

Among decliners, Gamuda slipped 5.2 per cent to 1.99, Tenaga Nasional lost 0.8 per cent to 6.30 and Puncak Niaga shed 10.3 per cent to 2.80. Top bank Maybank slid 0.9 per cent to 5.50 ringgit.

JAKARTA: Up 0.2 per cent. The Jakarta Composite rose 3.26 points to 1,342.

Gas and oil producer Medco rose 3.0 per cent to 1,710 rupiah while its rival Petrosea soared 19 per cent to 6,350.

MUMBAI: Down 3.42 per cent. The benchmark 30-share Sensex index slid 329.29 points to 9,305.45.

India's ruling Congress party warned the good economic times were over in the interim-budget and said the fiscal deficit would have to rise sharply to fight the global slump.

WELLINGTON: Down 2.5 per cent. The benchmark NZX-50 index shed 70.5 points to 2,680.18.

Fisher & Paykel Appliances closed at 65 cents, down 35 per cent. Courier company Freightways fell 17 cents to $2.95 after cutting its dividend, insurance company Tower lost five cents to $1.52 and Sky TV shed eight cents to 4.17.—AFP