Asia's major markets closed mostly lower, with the exception of China, as investor sentiment in the region remained fragile on the back of lower oil prices and China concerns.
In Japan, the Nikkei 225 returned from a long weekend to tumble 479 points, or 2.7%, to 17,218.96, with the mining sector down 5.55 percent and the oil and coal sector falling 5.2%
The Hang Seng index in Hong Kong gave back 176.74 points, or 0.9%, to 19,711.76
In Japan, the U.S. dollar-yen pair traded lower at 117.50 with the yen, a safe haven currency, seeing some gains in the middle of the ongoing market turmoil. Major export-oriented stocks, which depend on the dollar-yen pair, such as Toyota, Nissan, Sony and Mitsubishi Electric, all traded down.
Sharp shares erased morning gains to finish down 1.8%. Earlier, shares ticked up after local reports said Japanese state-backed fund INCJ offered to invest 200 billion yen ($1.7 billion U.S.) to help bail out the electronics maker. Reuters, citing a source, said the company also planned to ask banks to convert 150 billion yen in loans into equity.
Shares of Honda pared gains to close flat as the Japanese car maker introduced a newer, updated model of its Ridgeline pickup trucks at the North American International Auto Show in Detroit.
Elsewhere, Hong Kong-listed shares of Dalian Wanda closed 0.4% lower as the property and entertainment giant said it became the majority shareholder in Legendary Entertainment in Hollywood, in a deal worth $3.8 billion U.S.
Energy plays across the board lagged, with shares of Santos closing down 8.1%. Oil Search down 4.2% and Woodside Petroleum seeing losses of 2% in Australia. In Japan, Inpex closed lower 5.8%, and Japan Petroleum dropped 7.4% respectively.
Resources stocks in Australia finished the session lower, with BHP Billiton down 3.5% and Rio Tinto, down 3.3%.
Iron ore miner Gindalbie Metals trimmed some losses, but still ended down 57.1% after reports emerged that Ansteel was reviewing their funding options for the miner. Gindalbie could face financing difficulties should Ansteel withdraw its funding.
Elsewhere, coal producer Whitehaven Coal erased morning gains to end 5.7% lower. Earlier, its shares surged 4.8% after it reported a jump in coal output and sales and confirmed its profitability in the first half of fiscal 2016.
CHINA
Chinese markets wavered between positive and negative territory, a day after taking a sharp plunge.
The CSI 300 Index recovered 23.26 points, or 0.7%, to 3,215.71
Before trade opened, the People's Bank of China set the yuan mid-point fix at 6.5628 against the dollar, similar to Monday's fix of 6.5626. The U.S. dollar-yuan pair traded 0.1% higher at 6.5753.
Mainland financials were among the top movers on the Shanghai index, with Orient Securities and Founder Securities each gaining 2.4%
In other markets
In Singapore, the Straits Times Index dropped 17.07 points, or 0.6%, to 2,691.78
The Kospi in Korea slipped 3.98 points, or 0.2%, to 1,890.86
Taiwan’s Taiex index fell 19.97 points, or 0.3%, to 7,768.45
In New Zealand, the NZX 50 regained 9.52 points, or 0.2%, to 6,112.35
The ASX 200 let go of 7.1 points, or 0.1%, to 4,925.13
