Dealers said investors were alarmed by signs that the fallout from the US subprime mortgage problems was spreading to other regions.

If there is one thing investors hate it is uncertainty, and with the risk of more skeletons in the closet, few people were in the mood to buy.

News that the US, Eurozone, Japanese and other central banks had pumped massive amounts of cash into the financial system only appeared to add to the sense of nervousness on global markets about the US mortgage market troubles.

If the central banks actions aimed to reassure investors then they took it the other way and took the viewe the problem could be bigger than initially thought because the central banks had to intervene.

Investors fear that the US housing woes might eventually affect global economic growth if funds for business dry up, although analysts said that so far the fallout appeared to be limited.

Tokyo slumped by 2.37 percent, Seoul ended down 4.2 percent, Sydney slumped 3.7 percent, Hong Kong slid 2.88 percent, Mumbai was down 1.54 percent, Singapore gave up 1.6 percent and Taipei lost 2.74 percent.

Elsewhere, Kuala Lumpur fell 1.96 percent, Jakarta was off 1.5 percent, Wellington was down 1.2 percent, Bangkok shed 0.86 percent, Manila tumbled 3.0 percent and Shanghai was down a mild 0.10 percent.

TOKYO: Japanese share prices closed down 2.37 percent at a near five-month low, mirroring sharp losses on other global bourses amid growing concern about problems in credit markets.

HONG KONG: Share prices closed sharply lower, down 2.88 percent, as fears of a global credit crisis sparked by US subprime mortgage problems dominated trading throughout the day.

SHANGHAI: Chinese share prices edged 0.10 percent lower as investors locked in profits amid jitters over heavy losses on global markets and ahead of the release of key domestic inflation data.

MUMBAI: Indian share prices fell 1.54 percent in volatile trade with investors spooked by a credit crunch linked to the troubled US mortgage sector.

TAIPEI: Taiwan share prices closed sharply lower, down 2.74 percent after a sell-off on Wall Street and European markets on growing concerns about the fallout from problems in the US home loan sector.

SEOUL: South Korean share prices closed 4.2 percent lower, with the KOSPI index hitting its worst level in over a month as fears of an emerging global credit crunch sent investors scrambling to the exits.

SYDNEY: Australian share prices closed sharply lower, tumbling 3.7 percent as the market followed heavy losses in the US and European markets on fears about the growing fallout from problems in the US home loans sector.

SINGAPORE: Share prices closed 1.6 percent lower as investors rushed for the exit amid fears the US subprime mortgage crisis is spreading.

KUALA LUMPUR: Malaysian shares closed sharply lower in line with an Asian selldown over fears the US subprime woes could develop into a global credit crisis.

BANGKOK: Thai share prices closed 0.86 percent lower in line with heavy losses across the region amid fears that US subprime mortgage problems could trigger a global credit crisis.

JAKARTA: Indonesian share prices closed 1.5 percent lower on worries over the US subprime credit crisis although the main index came off its lows.