LONDON - Britain's top shares ended at a three-week closing low, pressured by hefty falls in the banking sector as concerns over Dubai's ability to pay its debts took a toll on confidence.

The FTSE 100 ended 3.2 percent lower, or down 170.68 points, at 5,194.13 - its lowest close since November 6.

Losses on the day represented the biggest percentage drop in eight months. The index is still up 50 percent since a low in March.

@MARKET ROUNDUP:EUROFIRST

EUROPE - European shares slipped 3.2 percent to record their biggest one-day percentage drop in seven months as concerns about debt problems in Dubai weighed on the market, with banks the major fallers.

The pan-European FTSEurofirst 300 index of top shares closed down 33.81 points at 988.14 - its lowest close in three weeks.

@MARKET ROUNDUP:EUROmarkets

FRANKFURT - The DAX index ended at 5,614.17 points, down 188.85 or 3.25 percent.

PARIS - The CAC-40 index closed at 3,679.23 points, down 129.93 or 3.41 percent.

ZURICH - The Swiss market index closed at 6,283.38 points, down 138.82 or 2.16 percent.

MILAN - The FT IT All Share index closed at 22,361.31 points, down 813.57 or 3.51 percent.

@MARKET ROUNDUP:nikkei

TOKYO - Japan's Nikkei average closed at a four-month low as the yen hit a 14-year high against the dollar, pressuring exporters, but losses were braked by rises in resource-linked shares after gold hit a record high.

The Nikkei fell 58.4 points to 9,383.24 after dipping as much as 1.2 percent in morning trade, but was still clinging above its 200-day moving average at about 9,360.

@MARKET ROUNDUP:hang seng

HONG KONG - Hong Kong shares ended down 1.78 percent, tracking a softer Shanghai market, and as China Minsheng Banking made a disappointing market debut, weighing on recently battered banking stocks.

The Hang Seng Index closed down 401.39 points at 22,210.41.

@MARKET ROUNDUP:asx

SYDNEY - Australia shares closed lower as investors took stock of recent gains and held off taking new positions ahead of a holiday weekend in the US.

The S&P/ASX 200 index closed down 0.3 percent at 4,708.6.

@MARKET ROUNDUP:south africa

JOHANNESBURG - South Africa's rand fell more than two percent against the dollar, reversing the previous day's strong gains as the greenback recovered broadly, helped by a downturn in appetite for risky assets.

The All-share index closed at 27,025.61 points, down 463.63 or 1.69 percent.