All the Asian equity indices are trading in the red with deep cut in early deals on on Tuesday, with investors indulging in heavy selling, tracking weak cues from Wall Street where the major averages tumbled on disappointing economic data. Back on regional front, Japanese market was leading the losers' pack with cut of over three percent as yen strengthened and hit strongest level in more than two months. On the economic front, the monetary base in Japan spiked 51.9 percent on year in January, coming in at 200.414 trillion yen. That follows the 46.6 percent surge in December, which stood at 193.459 trillion yen.
Hang Seng dropped 524.36 points or 2.38% to 21,511.06, Jakarta Composite slipped 22.39 points or 0.51% to 4,363.87, KLSE Composite contracted 24.32 points or 1.35% to 1,779.71, Nikkei 225 tumbled 467.70 points or 3.20% to 14,151.43, Straits Times shed 19.66 points or 0.66% to 2,971.29 and Seoul Composite was down by 30.29 points or 1.58% to 1,889.67.
Markets in Shanghai and Taiwan remained closed for Lunar New Year holidays.