Asia Markets

Asia shares decline; tech sector stable after US selloff

Asian equity markets ended mostly lower on Tuesday as investors awaited the start of a U.S. Federal Reserve meeting later in the day.

"The FOMC [outcome] remains the biggest hurdle to trade this week, and the mixed trading messages from overnight backs this claim. We expect no major trading activity for the next two days as there is too much risk being released to take overly bullish or bearish positions" said Evan Lucas, market strategist at IG in a note.

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Tech shares in the region were unaffected after the Nasdaq dropped over 1 percent overnight, suffering its worst day since July, ahead of Alibaba's planned debut this week.

In other news, the Organization for Economic Co-operation and Development . The group said the biggest threat to global growth was from the euro zone, calling on both the European Central Bank and governments to do more to revive demand.


Nikkei down 0.2%

Japan's benchmark index resumed trade lower following a three-day weekend. The retreated from an eight-month high hit on Friday, snapping a five-day winning streak. The index was little changed following news that a 5.6 magnitude earthquake hit eastern Japan, including Tokyo.

In the tech sector, Rakuten lost 1.1 percent but Sony gained 1.7 percent.

SoftBank rallied 3.5 percent after Alibaba raised the range for its initial public offering to $66 to $68 a share. The Japanese company is a major shareholder in Alibaba.

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Shanghai dips 1.8%

The mainland's benchmark Shanghai Composite index widened its losses in the final hour of trade, ending at a two-week low, on the back of weak data. Foreign direct investment in the first eight months of the year dropped an annual 1.8 percent. On Monday, the index finished at a one-and-a-half-year high.

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Among the biggest losers, China Shipbuilding fell over 5 percent and SAIC Motor dropped 4.6 percent.

Meanwhile, Hong Kong's benchmark Hang Seng Index fell in the afternoon session after trading was shut in the morning due to a storm warning from Typhoon Kalmaegi.

ASX slips 0.5%

Australian shares finished at their lowest levels since August 8, down for the fourth straight session, after the central bank warned of a housing bubble in the release of minutes from its latest meeting.

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But miners rebounded after spot iron ore saw its biggest one-day rise since March on the back of firmer steel prices in China. Fortescue Metals jumped 1.2 percent, while Rio Tinto rose 0.2 percent.

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Kospi gains 0.3%

South Korea's benchmark Kospi index rebounded from Monday's 0.3 percent loss, avoiding Asia-wide losses.

Hyundai Heavy Industries ended nearly 4 percent higher after naming Kwon Oh-gap as its new CEO on Monday.

Read MoreChina market still a 'stock picker paradise'

Nifty inches down 1.4%

Indian shares fell to a two-week low due to heavy foreign selling of index futures.