In Singapore, share prices closed 0.1 per cent lower in quiet trade as investors stayed away ahead of holidays this week. "It was extremely quiet today because of the shortened work week. Investors refrained from taking new positions in the market," said a dealer with a local brokerage here.The Straits Times Industrials index slid 1.58 points to close at 1,549.93. The Broader All-Singapore index fell 2.15 points to 395.90.

Malaysia's key stock index ended 0.4 per cent lower led by finance issues, with investors mostly sidelined ahead of a public holiday. "Tomorrow is a holiday and Hong Kong is closed today ... the volume has really died down, said an institutional dealer with a local brokerage.

The Kuala Lumpur Stock Exchange's 100-shareweighted composite index fell 2.71 points to end at 663.77, off a low of 659.73. The dealer said concerns over the banking sector and fears of further corporate failures impacting on banks continued to pressure Financial stocks. Indonesian shares closed down 1.3 per cent in quiet trade amid caution following government moves against shaky banks. The Jakarta Stock Exchange composite index finished down 7.159 points at 526.141, ahead of Eid holidays. A trading head with a local brokerage said with Hong Kong closed, the market was very quiet and the minor fall in the index was welcome.

"There's actually no reason for the market to be trading as firmly as it has been," the trader said, adding, "With interest rates so high, who's going to survive?" Philippine share prices closed 0.6 per cent lower amid uncertainty over regional economic woes and sluggish trade due to Easter holidays.