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Sydney - Investors deserted Australian stocks Wednesday in response to a fall on Wall Street.

The ASX 200 lost 146 points, or 3.3 per cent, to 4,146.

Bell Potter Securities analyst James Waggett said the most interesting moves were from the giant miners BHP Billiton Ltd and Rio Tinto Ltd, the latter a takeover target for the former.

While BHP lost almost 5 per cent, Rio was up almost 7 per cent, indicating that traders were factoring in a greater likelihood that BHP would succeed with its hostile merger.

Indian equities continued to trade in the negative terrain on fears over lower earnings.

The 30-share index BSE Sensex ended on a highly negative note yesterday with some major corporate houses declaring disappointing quarterly figures.

Asian markets weighed the depressing outlook. Realty, metal, IT, oil & gas and power stocks that had bounced back fairly strongly yesterday after recent huge losses, are back in the red again on account of heavy selling action.

BSE Midcap and Smallcap declined 2.02% and 1.59% respectively.

Tokyo  - Tokyo stocks shed the previous session's gains on Wednesday, tracking the US market's overnight losses.

Cairo- Egyptian ministers emphasized terms including "healthy," "safe" and "sound" to describe the local economy during a two-day Euromoney business conference in Cairo, which concluded Tuesday.

The theme that they conveyed was: "We are not worried."

As panic spreads in markets worldwide amid the international economic slowdown, the local officials laboured to reassure investors about Egypt as a place with ample opportunities.

Tokyo - Japan's key Nikkei index fell 2 per cent Wednesday, tracking the US market's overnight losses.