Mainland indices mixed
China's Shanghai Composite index closed 3 percent lower amid choppy trade on Tuesday.
"The index has been very profitable [but] it's now consolidating so that's why it is coming back to 3,000-3,300... but we are looking for a continuation through to about 3,600 moving forward," Daryl Guppy, CEO of Guppytraders.com told CNBC's "Street Signs Asia."
Focus was on energy-related firms, such as PetroChina and Sinopec, which made losses of 5.6 and 4.9 percent each. China Oilfield Services tanked 6 percent.
Air China, the country's flag carrier, reversed earlier gains to slump 4.8 percent late Tuesday after announcing a purchase for 60 Boeing 737 planes for a total price of $5.9 billion.
Elsewhere, traders were focused on news that Beijing is investigating possible stock-price manipulation. The securities agency said Friday that it had launched investigations into 18 stocks, sparking a sharp dive in small cap indexes in Shenzhen on Monday.
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In Hong Kong, the Hang Seng index widened losses to 0.5 percent in the afternoon session.
The highlight of the day was Dalian Wanda Commercial Properties, which fell 7.8 percent to HK$44.25 in its inaugural day of trading. Shares of the Chinese real estate developer, owned by billionaire Wang Jianlin, was priced at HK$48.00 and raised $3.7 billion last week, making it Hong Kong's biggest initial public offering since 2010.
Sun Hung Kai Properties held on to a nearly 1 percent gain after its former chairman Thomas Kwok was sentenced to 5 years in jail for corruption. Some analysts are bullish on the stock: "After all these months, the stock is trading nearly 30 percent below its asset value - it is very cheap now," Dickie Wong, executive director at Kingston Securities, told CNBC.
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