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Hong Kong - Asian markets were mixed on Tuesday, with Tokyo leading gainers on bargain-buying after the previous day's sell-off, while Wall Street provided some support with another record close.
Hong Kong and Shanghai extended their previous day's losses, despite a new trading link-up between the two exchanges.
Tokyo - which lost almost 3% on Monday on news Japan's economy was in recession - jumped 2.18% to 17 344.06.
Seoul added 1.20% to 1 967.01 and Sydney fell 0.24% to close at 5 399.7.
Hong Kong lost 1.13% to end at 23 529.17 and Shanghai shed 0.71% to 2 456.37.
Tokyo closed before Prime Minister Shinzo Abe said he would dissolve the lower house of parliament on Friday, ahead of a snap general election, and was delaying an expected sales tax rise.
The announcement came after data on Monday showed the Japanese economy was in recession, hammered by a sales tax hike in April.
News of the recession initially sent the dollar soaring above ¥117 for the first time since mid-2007 before it sank below ¥116 in Asia.
But the dollar clawed back most of its losses to end Monday at ¥116.63 in New York. On Tuesday in Tokyo it was at ¥116.70.
The euro edged up against the dollar after sinking on Monday in response to comments from European Central Bank chief Mario Draghi that the lender is ready to step up its asset purchases to counter ultra low inflation.
The single currency bought $1.2482 and ¥145.68 compared with $1.2448 and ¥145.19.
US markets took the Japan figures in their stride. The S&P 500 rose 0.07% to a new record, while the Dow also gained 0.07% but fell just short of another all-time high. The Nasdaq fell 0.37%.
In Hong Kong and Shanghai investors sold up for a second day after data showed new home sales in China fell again in October. Increasing weakness in the property sector has been partly blamed for the slowdown in the world's number two economy and key driver of global growth.
And for a second day mainlanders largely stayed away from investing in Hong Kong after the opening of the cross-exchange Connect scheme on Monday.
The tie-up allows international investors to trade selected stocks on Shanghai's tightly restricted exchange and let mainland investors buy shares in Hong Kong.
But China-based investors bought just 7.6% of their daily allowance of Hong Kong shares by the end of the day Tuesday, while Hong Kong dealers picked up less than a third of their Shanghai quota.
On Monday, the day of the Connect launch, dealers in Hong Hong bought up their quota of mainland shares, but mainland dealers used up less that 20%.
Oil prices fell on dimming expectations that the Opec oil cartel will cut output, analysts said.
US benchmark West Texas Intermediate for December delivery fell 14 cents to $75.50 while Brent crude for January was down 39c at $78.92 in afternoon trade.
Gold was at $1 202 an ounce, compared with $1 186.55 late on Monday.
In other markets:
- Mumbai was little changed on Tuesday, ending just 0.05% lower at 28 163.29.Sun Pharmaceutical Industries fell 1.94% to 865.35 rupees, while Sesa Sterlite Limited gained 4.09% to 247.05 rupees.
- Bangkok climbed 0.78% to 1 581.27.
Bangchak Petroleum soared 4.23% to 37.00 baht, while Bank of Ayudhya rose 3.65% to 49.75 baht.
- Malaysia's main stock index rose 11.90 points to close at 1 818.38.
Public Bank added 0.22% to 18.30 ringgit, Malayan Banking gained 0.42% to 9.59 while Genting Malaysia lost 0.98% to 4.03 ringgit.
- Jakarta ended up 0.96% at 5 102.47.
Cigarette maker Gudang Garam rose 3.70% to 62 425 rupiah, while food producer Indofood Sukses Makmur lost 0.37% to 6 650 rupiah.
- Singapore rose 0.76% to 3 313.73.
Public transport firm ComfortDelgro rose 1.53% to Sg$2.65 while oil rig maker Keppel Corp gained 0.22% to Sg$9.18.
- Taipei fell 0.28% to 8 859.07.
Taiwan Semiconductor Manufacturing eased 1.13% to Tw$131.5 while Hon Hai Precision was 0.10% lower at Tw$95.5.
- Wellington added 0.30% to end at 5 505.03.
Spark rose 0.31% to NZ$3.275 and Nuplex gained 0.96% to NZ$3.15.
- Manila added 0.64% to 7 275.66.
Philippine Long Distance Telephone was up 0.07% to 2 994 pesos and South Asia Cement Holdings surged 13.12% to 2.50 pesos but Alliance Global fell 2.69% to 23.55 pesos.
