Sydney - The Australian share market gave up some of its recent gains Thursday as investors waited for the promised billion-dollar Wall Street bailout.

The ASX 200 fell 54 points, or 1 per cent, to 4,972.

The market was dragged down by resources stocks, on fears that a global recession will crimp demand for leading exports like coal and iron ore. BHP Billiton, the world's biggest mining company, was down 4 per cent.

Analysts said sentiment was puffed up by news that US billionaire Warren Buffett, reputedly the world's savviest investor, would pick up investment bank Goldman Sachs stock worth 5 billion US dollars.

"A lot of people sit up when they see Warren Buffett invest significant chunks of money," ABN Amro Morgans analyst Trent Muller said. "He has a very good track record of investing in stocks at the right time." (dpa)