A high twist polyester multifilament yarn having a twist of a twist multiplier K within a range between 15,000 and 25,000, made from polyester filaments consisting essentially of a copolymer of two or more monomers selected from the group consisting of ethylene terephthalate, trimethylene terephthalate and tetramethylene terephthalate and/or a blend of two or more polymers of the respective monomers and having a breaking elongation of not more than 60% and a shrinkage in boiling water of not more than 6%. A woven or knitted crepe fabric obtained by employing such a high twist yarn has a desirable pebble configuration.