The financial carnage on Wall Street rippled across Asia on Tuesday. Stocks fell sharply on investor disappointment that the US House of Representatives failed to pass the bailout package.

All major stock markets in the region succumbed to heightened fears of a broader global financial crisis. But they managed to trim some losses during afternoon trading.

A man walks past an electronic board displaying falls in share prices in Tokyo September 30, 2008. Japan's Nikkei stock average slid nearly 5 percent on Tuesday to a three-year low after U.S. lawmakers rejected a $700 billion financial bailout plan, but later pulled back slightly. [Reuters]

Japan's benchmark Nikkei stock 225 index fell 484 points, or 4 percent, to close at 11,000 - the lowest level since June 2005. Some markets bounced back.

A passer-by looks at an electronic display showing a chart of the Hang Seng Index in Hong Kong September 29, 2008. [Reuters]

In Hong Kong, the benchmark Hang Seng index plunged in early trading but recovered to end the day up 136 points at 18,000. The Taiwan Stock market's weighted price index fell 210 points to close at 5700.

Elsewhere, markets in South Korea and India dropped sharply but were down about 0.5 percent as trading progressed.

(CCTV October 1, 2008)