Beijing - Shares on China's two stock markets plunged by 3 per cent on Wednesday as financial firms led a third straight daily fall following last week's global market losses.

The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies, ended down 65.61 points, or 3.04 per cent, at 2,092.22.

The smaller Shenzhen Component Index also lost more than 3 per cent as both markets fell for the third consecutive day of trading since a seven-day National Day holiday ended Sunday.

Hong Kong  - Hong Kong shares slumped by more than 8 per cent Wednesday as economic woes deepened despite a cut in interest rates intended to boost liquidity in the city's money markets.

The Hang Seng Index lost 1,372.03 points or 8.17 per cent, crashing through the 16,000 points barrier within minutes of the market opening and ending the day at 15,431.73 points. Turnover was
77.7 billion Hong Kong dollars (10 billion US dollars).

The blue-chip index has fallen at an unprecedented rate in recent weeks and has now shed 50 per cent of its value since it peaked at just below 32,000 points in October 2007.

Moscow  - The MICEX index, Moscow's leading stock exchange, shut down until Friday while trading on the RTS was suspended indefinitely after shares plummeted at opening on Wednesday.

The MICEX's headlong dive, dropping more than 14 per cent in the first half-hour of trading, compounded record losses in the last two days as Russia faces its worst financial crisis since the national default of 1998.

Trading on the MICEX, where most of Russia's stocks are traded, was suspended by market watchdogs at 11:05 am (0805 GMT) for two- days.

London - Banking stocks rallied on the London stock market Wednesday following the announcement by the government of a massive bail-out for the banking sector.

Shares in Halifax Bank of Scotland (HBOS) jumped by 27 per cent in early trading, after a slump of more than 40 per cent Tuesday.

Royal Bank of Scotland (RBS) saw its share price rise by 12 per cent after losses of 39 per cent during turbulent trading Tuesday.

Tokyo - Stock markets throughout Asia and the Pacific fell sharply Wednesday in response to Wall Street's plunge and mounting fears over a worldwide recession.

Japan's benchmark Nikkei 225 Stock Average nosedived to its lowest closing level since June 2003, with losses amounting to the third biggest one-day drop in post-war Japan.

The Nikkei plunged 952.58 points, or 9.38 per cent, to end at 9,203.32.

The broader Topix index of all first-section issues fell 78.6 points, or 8.04 per cent, to 899.01.