Most Asian markets closed higher on Tuesday, managing to hold up better than global peers amid a rout that wiped out as much as $3 trillion of market capitalization, according to data from S&P Global, in the wake of the U.K.'s surprise decision to leave the European Union (EU).
The session's slide between red and green followed gains in some major Asian bourses on Monday, with analysts suggesting effects of a Brexit vote on the region would likely be short term.
In Japan, the Nikkei 225 closed nearly flat at 15,323.14, after wavering between gains and losses throughout the session. Across the Korean Strait, the Kospi added 9.37 points, or 0.49 percent, to 1,936.22, reversing earlier losses of nearly 0.5 percent.
Hong Kong's Hang Seng index was down 0.57 percent as of 3:09 p.m. HK/SIN. The Shanghai composite closed up 17.05 points, or 0.59 percent, at 2,912.75, and the Shenzhen composite gained 23.67 points, or 1.21 percent, to 1,970.37.
Australia's ASX 200 lost 33.93 points, or 0.66 percent, to 5,103.30, with the financials sub-index, which accounts for nearly half of the broader index, down 0.11 percent, retracing earlier losses of more than 1 percent. Major banking stocks in the country reversed losses, with shares of ANZ up 0.1 percent and NAB higher by 0.49 percent.
Analysts previously said the share-price performance of the Australian banks was likely to be influenced by the hammering received by U.K. and European banks, with analysts cutting ratings and target prices for many financial plays. The banking sector in Europe was off 7.7 percent.
"U.K. and European banks are getting destroyed, having the worst two-day move ever," said Chris Weston, chief market strategist at spreadbettor IG.
He added, "The U.K. referendum has not just left a stain on British politics (and society), but it has unmasked a number of macro concerns that were largely smoothed over in the wake of the coordinated central action in February."