Several Asian markets turned lower after a volatile session Monday that saw indexes in Australia, South Korea, China, Hong Kong and Mumbai swing between negative and positive territory.
Hong Kong's Hang Seng Index dropped almost 400 points, or 1.5 percent, to 26,468.1.
Japanese financial markets were closed Monday for Coming-of-Age Day, a national holiday. They reopen Tuesday.
The benchmark Shanghai Composite Index added 0.2 percent to 5,497.90. The Shenzhen Composite Index rose 1.1 percent to 1,570.40.
The U.S. dollar dropped to a record low of 7.2514 against the Chinese yuan on the over-the-counter market early Monday. Beijing is expected to let the yuan rise at a faster pace this year as part of the government's efforts to control inflation.
China Baoan Group jumped 5 percent, Shenzhen Properties & Resources Development rose 5 percent and Shanghai Lujiazui Finance & Zone Development climbed 3.9 percent.
Chinese companies with business links to Taiwan were also among the day's gainers after Saturday's legislative election there. The opposition Nationalist Party's overwhelming victory in the island's polls, and the party's expected win in March's presidential election, boosts the potential for friendlier relations between China and Taiwan.
Xiamen Port surged by the 10 percent daily limit. Trading firm Xiamen C&D soared 7.7 percent.
Elsewhere:
BANGKOK: Thailand's main stock index fell 0.7 percent to 791.2, with foreign investors continuing to consolidate their portfolios amid an overhang from local political developments and uncertainty about the extent of the U.S. economic slowdown.
JAKARTA: Indonesia's main stock benchmark fell 0.7 percent to 2,810.4 on the continued weakness of the local currency.
KUALA LUMPUR: Malaysia's Kuala Lumpur Composite Exchange fell 0.6 percent to 1,507.0. Profit-taking across a broad range of stocks dragged the market off a record high of 1,524.7 hit during the session.
MANILA: Philippine shares slipped on concerns a likely slowdown in the U.S. economy may trigger the same trend domestically and curb demand for houses and loans. The Philippine Stock Exchange Index lost 0.6 percent to close at 3,482.3.
MUMBAI: Indian shares fell, dragged down by Bharti Airtel and software companies. The Bombay Stock Exchange's 30-share Sensex index dropped 0.5 percent to close at 20,728 points. On the broader National Stock Exchange, the 50-company S&P Nifty index edged up 0.1 percent to 6,207 points.
SEOUL: South Korean shares lost ground their third straight session on continued uneasiness over the state of the U.S. economy. The Korea Composite Stock Price Index, or Kospi, fell 0.9 percent to 1,765.9. Shipbuilders led the losses.
SINGAPORE: Singapore's Straits Times Index fell to its lowest level in five months on worries about U.S. consumer spending and the outlook for the world's largest economy. The index fell 2.1 percent to 3,218.1, its worst finish since Aug. 17.
WELLINGTON: New Zealand stocks fell, weighed down by the cautious attitude of many investors amid continued concerns over the U.S. market and a lack of significant local corporate news. The NZX-50 dropped 1.2 percent to 3,824.2.
SYDNEY: Australia's main stock benchmark also fell to a five-month low after Wall Street sank Friday on signs the subprime crisis is affecting U.S. consumers. The benchmark S&P/ASX 200 lost 1.6 points, just 0.03 percent, to settle at 5,980.0.
with files from other wire services
