HONG KONG, March 5: Asian stocks closed mostly down on Wednesday over concerns about the US economy and after China’s premier pledged to curb his nation’s high economic growth as consumer prices surge.

Mainland Chinese stocks fell nearly one per cent as Premier Wen Jiabao said Wednesday inflation was now the top concern for China’s 1.3 billion people.

In an annual address to parliament, Wen said the government would look to slow growth to around eight per cent this year, from 11.4 per cent in 2007, and keep consumer prices from rising more than 4.8 per cent.

Elsewhere, the falls among the region’s other major stock markets were more limited. Japan, Asia’s biggest market, edged down 0.16 per cent.

Malaysia was the biggest faller among smaller bourses, tumbling more than 2.5 per cent ahead of general elections on Saturday.

But the relative stability in most markets was welcome relief for investors following much steeper slides earlier in the week over concerns about the ailing US economy, the world’s biggest, where recession looms.

US Federal Reserve chairman Ben Bernanke and vice chairman Donald Kohn said recently the crisis in the US housing and finance sectors is not yet over.

TOKYO: Japanese share prices closed down 0.16 per cent to a six-week low after a volatile session on Wall Street and weak data on the domestic economy, dealers said.

They said investors remained cautious ahead of the release of key US economic data this week.

The benchmark Nikkei-225 index dropped 20.22 points to 12,972.06, the lowest closing level since January 23.

The broader Topix index of all first-section shares declined 1.75 points or 0.14 per cent to 1,263.91.

Decliners outpaced gainers 1,062 to 541, with 123 issues unchanged.

Turnover declined to 1.952 billion shares from 2.087 billion Tuesday.

HONG KONG: Hong Kong share prices closed little changed, dealers said.

The Hang Seng index closed down 5.53 points at 23,114.34. Turnover was 79.77 billion Hong Kong dollars (10.25 billion US).

Our market was heavily influenced today by China news ... before trimming its losses, said Dennis Poon, research head at South China Securities.

SYDNEY: Australian share prices closed little changed, dealers said.

The benchmark S&P/ASX 200 closed down 3.7 points or 0.07 per cent at 5,376.6 while the broader All Ordinaries dropped 7.6 points to 5,471.6.

A total of 1.8 billion shares valued at around 6.7 billion dollars (6.3 billion US dollars) was traded.

The market “seems to be running out of puff a bit. It must have had too much exercise over the last couple of weeks, but it started off with great gusto, said Michael Heffernan, a private client advisor at Austock Services.

SINGAPORE: Singapore share prices closed down 0.31 per cent, dealers said.

The main Straits Times index fell 8.91 points to 2,910.77 on volume of 1.36 billion shares worth 1.60 billion Singapore dollars (1.15 billion US).

There is a lot of uncertainty in the market and investors are waiting for clearer signs, said Goh Mou Lih, research head at Westcomb Securities.

KUALA LUMPUR: Malaysian share prices closed 2.6 per cent lower, dealers said.

The Kuala Lumpur Composite index closed down 33.79 points at 1,280.23.

Malaysians go the polls on Saturday.

Plantation firm Sime Darby dropped 1.8 per cent to 10.90 ringgit. Maybank dropped 1.1 per cent to 8.70 ringgit. Telekom Malaysia lost 0.9 per cent to 11.00 ringgit.

JAKARTA: Indonesian share prices closed 0.2 per cent higher, dealers said.

The Jakarta Composite Index closed up 4.90 points at 2,639.65.

Miner Timah jumped 7.5 per cent to 34,950. Coal miner Bukit Asam rallied 4.9 per cent to 11,700 rupiah.

WELLINGTON: New Zealand share prices closed up 0.98 per cent, dealers said.

The benchmark NZX-50 gross index rose 35.00 points to 3,619.47.

ABN Amro Craigs senior broker Nigel Scott said the rise was surprising, given shaky sentiment in overseas markets.

Telecom rose four cents to 3.95 dollars, Fletcher Building added 32 cents to 10.11 and Contact Energy was up 20 cents at 8.25.

MUMBAI: Indian share prices closed up 1.24 per cent, dealers said.

The benchmark 30-share Mumbai stock exchange Sensex index rose 202.19 points to 16,542.08.—AFP