Tokyo 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 by more than 2 percent in early trade Tuesday, giving back the bulk of the previous day's gains.
Investors are selling a day after enthusiasm at the capture of Saddam Hussein had lifted the Nikkei by almost 3.2 percent.
That comes after Wall Street closed lower Monday, with the tech-heavy Nasdaq losing almost 1.6 percent.
Analysts say that reaction, with only a temporary burst of buying on news the U.S. had caught the ousted Iraqi leader, suggested Tokyo had overestimated the likely impact on the U.S. economy, Japan's biggest export market.
Exporters are among early decliners, with camera and copier maker Canon falling 2.8 percent to 4860 yen. Sony is down 2.17 percent to 3610 yen, and techs and big banks are also lower after Monday's hefty gains.
The Nikkei 225 is down 2.40 percent to 10,238.59, while the broader Topix is down 2.09 percent at 1001.60.
Markets in South Korea, Australia and New Zealand, which all posted solid gains Monday, are also in the red.
In Seoul, the Kospi is down 1.74 percent to 808.11, while in Australia the S&P/ASX200 is 0.7 percent lower to 3225.1.
New Zealand's Top 50 is off 0.25 percent to 2401.01.
