Asia gives back bulk of gains
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Tokyo's market is lower in Tuesday trade after big gains on Monday.
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(CNN) -- Japan's Nikkei 225 share average is down more than 2 percent at midday Tuesday, as Asian markets give back the bulk of the previous day's gains.
Investors are in a selling mood in Asia, a day after enthusiasm at the capture of Saddam Hussein lifted the Nikkei by almost 3.2 percent to its highest close in five weeks.
South Korea's market, which rose 2 percent Monday, is down about 1.2 percent and Singapore is 1.1 percent lower.
The selloff comes after Wall Street gave up early gains to finish lower Monday, with the tech-heavy Nasdaq losing almost 1.6 percent.
The Dow eased about 0.2 percent, after a temporary buying spurt on news the U.S. had caught the ousted Iraqi leader. (Full story)
Analysts say the U.S. market's reaction suggested Tokyo had overestimated the likely impact on the U.S. economy, Japan's biggest export market.
The dollar is a little firmer, trading at 107.73 yen in Tokyo. The euro is at $1.2316 after touching a record high of $1.2322, and the Australian dollar is continuing to trade at six-year highs of 74.33 U.S. cents.
Exporters are among the decliners in Tokyo, with camera and copier maker Canon falling 1.8 percent to 4910 yen. Consumer electronics leader Sony is down 2.44 percent to 3600 yen, and techs and big banks are also lower after Monday's hefty gains.
UFJ Holdings, which rose 9 percent Monday, is down 5.3 percent to 465,000 yen.
The Nikkei 225 is down 2.25 percent at midday to 10,254.36, while the broader Topix is down 1.8 percent at 1004.53.
In Seoul, the Kospi is down 1.26 percent to 812.06, with Samsung Electronics more than 2 percent lower to 451,500 won. But big exporter Hyundai Motor is up 2 percent to 51,000 won.
In Australia the S&P/ASX200 is 0.9 percent lower to 3218.6. News Corp. is down 3.3 percent to A$11.65 and resources giant BHP Billiton is also being sold, off 3.3 percent to A$11.59.
Hong Kong's Hang Seng index is 1 percent lower to 12,393.45. Big bank HSBC is down 0.4 percent to HK$119.00.
Taiwan's Taiex is 0.58 percent lower to 5890.09. Chip foundries TSMC and UMC are both in the red, down more than 2 percent each.
Singapore's Straits Times index is down 1.1 percent to 1724.08. DBS Bank is losing 2 percent and there are also falls for SingTel and Singapore Airlines.
New Zealand's Top 50 is off 0.43 percent to 2396.68. Telecom NZ is 1.1 percent lower to NZ$5.13.
