Manila - Philippine shares plunged more than 4 per cent for the second straight day on Tuesday following a meltdown in Wall Street amid concerns over the US financial system.

The Philippine Stock Exchange's 30-share composite index lost 114.44 points, or 4.51 per cent, to close at 2,421.72 from Monday's finish of 2,536.16.

On Monday, stocks fell by 4.15 per cent.

A total of 1.76 billion shares valued 2.56 billion pesos (54.00 million dollars) were traded on Tuesday.

New Delhi - Indian shares dipped sharply for a second day Tuesday following global cues.

The Bombay Stock Exchange's 30-share Sensex was trading 2.5 per cent lower than Monday's close about two hours after opening while the broader 50-share Nifty of the National Stock Exchange registered a 2.6 per cent dip.

Analysts predicted the upheaval in global markets due to the continued credit crisis in the United States, with events like bankruptcy of investment bank Lehman Brothers, would bring further turmoil in the Indian share market.

Hanoi - Vietnam's VN-Index fell 20.8 points Tuesday to close down 4.38 per cent at 455.95, as traders reacted to the collapse of two US investment banks, the threat to international insurance titan AIG Group and falling exchanges elsewhere in the world.

The Ho Chi Minh City exchange had bucked world trends Monday, rising very slightly while markets across the rest of Asia dropped sharply.

On Tuesday the market rejoined the rest of the world, as investors worried about the effects of turmoil in the economy of the United States, Vietnam's largest export customer.

"It's proof that Vietnam is not totally uncorrelated, at least in terms of sentiment," said Dominic Scriven of Vietnam-based portfolio investor Dragon Capital.

Singapore - Singapore stock

Hong Kong - Hong Kong share prices plunged 6.1 per cent at the opening of trading Tuesday as the collapse of US investment bank Lehman Brothers sent global markets into freefall.

By 10:30 am the Hang Seng Index was down 6.4 per cent at 18,098 - almost 14,000 lower than its peak of just below 32,000 points in late October last year.

Earlier Tuesday, Hong Kong financial secretary John Tsang urged the public not to panic after 158-year-old Lehman Brothers filed for bankruptcy in the United States.

Washington - After the worst episode yet in a devastating, year-long credit crisis plaguing the United States, the question on some analysts' minds was whether the world's largest economy was in danger of losing its dominant grip on global finance.