Most Asian markets declined Tuesday as investors fretted about the implications of the Cyprus bailout agreement for other euro-zone countries, with commodity and financial stocks leading the retreat.
In Japan, the Nikkei 225 index settled 74.84 points, or 0.6%, to 12,471.62
In Hong Kong, the Hang Seng index gained 59.93 points, or 0.3%, to 22,311.08
The broad losses came in the wake of downbeat cues from the European and U.S. stock markets on Monday, amid concerns that deposit holders in ailing European economies other than Cyprus may also be at risk in the future.
Shares of several resource-sector companies dropped sharply around the region.
Rio Tinto Ltd. fell 2.3% and Paladin Energy Ltd. shed 2.5% in Sydney; Nippon Steel & Sumitomo Metal Corp. dropped 2.1% and JFE Holdings Inc. declined 2.7% in Tokyo; and Hyundai Steel Co. lost 0.9% in Seoul.
In Hong Kong trading, shares of Yanzhou fell 0.9% and China Shenhua Energy Co. dropped 1.2%, while Aluminum Corp. of China Ltd. gave up 1.6%.
Banks also suffered losses, with China Minsheng Banking Corp. losing 4.6% and China Construction Bank Corp. falling 2.3% in Shanghai.
In Hong Kong, shares of heavyweight HSBC Holdings PLC which has a major presence in Europe, dropped 0.5%.
On the upside in Hong Kong, shares of Henderson Land Development Co. climbed 5.5% after it announced a 28% increase in 2012 profit and a bonus share issue.
In Japan, exporters were broadly lower following weak global cues, with Sony Corp. down 2.7% and Honda Motor Corp. off 1%.
Still, some exporters came off their early lows in Japanese trade as the yen weakened after new central bank Governor Haruhiko Kuroda renewed his pledge to do “whatever it takes” to beat deflation and reach a 2% inflation target.
Shares of Olympus Corp. ended fractionally higher, and NEC Corp. advanced 4.1%.
Korean exporters advanced amid losses in Japan, meanwhile, with car maker Hyundai Motor Co. rising 2.3% and consumer electronics giant Samsung Electronics Co. adding 0.9%
CHINA
Property shares outperformed the broader market in Shanghai, recouping some of the sharp losses suffered so far this month.
The Shanghai CSI 300 Composite 300 index fell 38.05 points, or 1.5%, to 2,575.05
Gemdale Corp. added 0.3%, while Poly Real Estate Group Co. ended unchanged.
In Shanghai, Baoshan Iron & Steel Co. declined 2.1%, Yanzhou Coal Mining Co. shed 5.2% and China Coal Energy Co. dropped 0.5%.
Banks also suffered losses, with China Minsheng Banking Corp. losing 4.6% and China Construction Bank Corp. falling 2.3% in Shanghai.
In other markets;
In Korea, the Kospi Index inched up 6.03 points, or 0.3%, to 1,983.70
In Taiwan, the Taiex Index added 0.24 points to 7,856.36
The Singapore Straits Times Index gained 21.05 points, or 0.6%, to 3,288.53
In New Zealand, the NZX 50 index grew 5.29 points, or 0.1%, to 4,346.03
In Australia, the S&P/ASX slumped 39.95 points, or 0.8%, to 4,950.25
