HONG KONG, Feb 17: Asia shares tumbled on Tuesday as the resignation of Japan’s finance minister bolstered concerns over Tokyo’s handling of the economic crisis and Singapore exports took a record plunge.

Japanese shares lost 1.35 per cent to close at their lowest level in more than three months after Finance Minister Shoichi Nakagawa announced he would quit after appearing to be drunk at a Group of Seven meeting in Rome where he was incoherent and slurred his speech.

His resignation undermines Japan’s international credibility, which is already viewed negatively by investors due to bad economic data and the unpopularity of Prime Minister Taro Aso’s government, said Daisuke Uno, chief market strategist at Sumitomo Mitsui Banking Corp.

Hong Kong lost 3.8 per cent amid more weak banking sector earnings while Sydney closed 1.5 percent lower.

TOKYO: Down 1.35 per cent. The benchmark Nikkei-225 index lost 104.66 points to 7,645.51, the lowest finish since late October.

Concerns over the crippled US auto industry weighed on the market, said Hideaki Higashi, strategist at SMBC Friend Securities.

Caution prevailed as General Motors and Chrysler are to report their restructuring plans to the government on Tuesday, an event that could trigger swings in the stock market, he said.

Financial shares lost ground. Mitsubishi UFJ Financial fell 4.0 per cent to 451 yen and Mizuho Financial declined 3.8 per cent to 200 yen.

HONG KONG: Down 3.8 per cent. The benchmark Hang Seng Index ended 510.48 points lower at 12,945.40.

Investors were concerned over possible worse-than-expected financial results, after Bank of East Asia announced its 2008 net profit fell 99.1 per cent to 39 million dollars.

All sectors will be affected by the global economic downturn, and as a result the companies’ results are expected to fall significantly, Castor Pang, strategist at SHK Financial, told Dow Jones Newswires.

SYDNEY: Down 1.5 per cent. The benchmark S&P/ASX 200 slipped 52.6 points to 3,464.3. Offshore concerns about struggling banks and insurers pushed the benchmark index to a four-day low, said IG Markets analyst Ben Potter.

ANZ Banking Group was off 4.3 per cent at 12.42, Commonwealth Bank lost 2.1 per cent to 29.01, National Australia Bank fell 3.7 percent at 17.88 and Westpac ended 0.9 per cent weaker at 16.78.

SINGAPORE: Down 2.55 per cent. The blue-chip Straits Times Index closed 42.78 points lower at 1,637.92.

DBS bank fell 17 cents to 8.03, United Overseas Bank dropped 16 cents to 10.92 and Oversea-Chinese Banking Corp shed six cents to 4.90 ahead of the release of its fourth-quarter earnings on Wednesday.

KUALA LUMPUR: Down 1.0 per cent. The Kuala Lumpur Composite Index lost 8.66 points to close at 898.53.

The slump came as investors sold plantation stocks along with Tenaga and Maybank shares.

JAKARTA: Down 1.79 per cent. The Jakarta Composite Index fell 23.96 points to 1,318.04.Mining giant Bumi Resources slipped 5.48 percent to 690 rupiah while telecommunications firm Telkom dropped 2.31 to 10,800.

Unilever Indonesia gained 0.63 percent to 8,050 rupiah and oil and gas firm Elnusa rose 10.16 percent to 141.

MUMBAI: Down 2.91 per cent. The benchmark 30-share Sensex index fell 270.45 points to 9,035, its second straight day of losses.

WELLINGTON: Down 0.3 per cent. The benchmark NZX-50 index shed 7.56 points to 2,672.62The fall was eased by a rebound to 72 cents for key manufacturer Fisher & Paykel Appliances, dealers said.

Among other blue chips, Fletcher Building lost five cents to 5.58, Contact Energy was down seven cents to 6.37 and F&P Healthcare was flat at 3.35.—AFP