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HONG KONG, Aug 26, 2008 (AFP) - Asian shares closed mostly down on Tuesday after a Wall Street tumble and fears about the global credit crunch rattled investors.
The mainland Chinese market led the decliners among major bourses, tumbling more than 2.5 percent on concerns about slowing economic growth.
The markets in Japan, Hong Kong, Australia, Taiwan, South Korea and Singapore also slipped into the red, but each limited losses to less than one percent.
In Sydney, shares in mining giant Rio Tinto bucked the trend to close up 1.4 percent after the firm said it had more than doubled first-half net profit to a record 6.91 billion US dollars.
Singapore shares ended lower on Tuesday with the benchmark Straits Times Index down 26.26 points, or 0.96 per cent, at 2,707.19. Up to 855.8 million shares exchanged hands, with losers beating gainers 382 to 136.
Wall Street had tumbled on Monday after data showed only a modest rise in US home sales along with falling prices.
Sentiment was also undermined by worries that Lehman Brothers may not be able to get a major investment from the South Korean-based Korea Development Bank.
There were concerns too about the health of American International Group after Fitch downgraded its rating on the world's largest insurer and Credit Suisse cut its price target for the group's shares.
Among smaller Asian markets Tuesday, Thailand fell nearly 1.4 percent partly due to political uncertainty as thousands of protesters stormed a state-run TV station and blockaded key ministries.
Malaysia, Indonesia, the Philippines and New Zealand also fell, but India managed to edge up 0.22 percent.
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