Asia closes lower, Shanghai down 0.8%, ASX off 0.4% – CNBC

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Asia stocks lost momentum Tuesday with major indexes slipping as an overnight improvement in market sentiment ran out of steam.

Japan’s benchmark Nikkei 225, which was up over 1 percent in early trade, gave up all of its gains to close down 59 points,or 0.37 percent, at 16,052.05. The broader Topix index also erased gains to finish lower by 8.83 points, or 0.68 percent, to 1,291.17.

The Japanese yen remained strong against the dollar, with the dollar-yen pair remaining around the 112-handle at 112.44 as of 1.35 p.m. HK/SIN time.

Across the Korean Strait, the Kospi shed 2.14 points, or 0.11 percent, to 1,914.22. Down Under, the S&P/ASX 200 closed down 21.63 points, or 0.43 percent, at 4,979.58, weighed by losses in the heavily weighted financials sector and the energy sector, down 0.7 and 0.47 percent respectively.

Chinese markets also lost ground with the main Shanghai composite index closing down 23.22 points, or 0.79 percent, at 2,903.95. The smaller Shenzhen composite fell 11 points, or 0.58 percent, to 1,877.18.

Asia closes lower, Shanghai down 0.8%, ASX off 0.4% – CNBC}