ANOTHER £29billion was wiped off the value of shares early today as world stock markets suffered another major fall.

The FTSE 100 fell 102.8 points to 6183.3 in early trading, before settling 53.6 points lower at 6232.5.

Today's fall followed yesterday's slump of £36.2billion on London's top shares.

That 1.6% drop came after a major sell-off in China, causing the Footsie to drop by its biggest amount for nine months.

And New York's Dow Jones Industrial Average endured its worst decline since the September 11 terror attacks in 2001, with markets in Singapore and Australia following suit earlier today.

Japan's Nikkei average lost 2.9%, Australia's benchmark S&P/ASX 200 index fell 2.7% and Seoul's KOSPI shed 2.6%.

Even those people who do not have shares are affected by the falls.

Sixty per cent of pension scheme funds are invested in equities and, according to Aon Consulting, yesterday's market turmoil added £11bn to pension deficits.

Stephen Yeo, senior consultant at Watson Wyatt, said: "Share markets fell sharply yesterday and bond values have also been falling, which is bad news for pension funds. This means they have lost some gains made this year."

The slide in China came amid fears authorities were planning measures to slow the nation's booming economy.

Investors have also been unnerved by comments from the former Federal Reserve chairman Alan Greenspan, after he warned America's economy showed signs of heading towards recession.

Mining stocks have also been under pressure from fears that South Africa's Shares fall £29bn as markets keep slidinggovernment could impose a windfall tax on resources.