Asian markets trade mostly lower in early deals on Tuesday

Most of the Asian equity benchmarks are trading down in the early deals on Tuesday, with the lackluster cues from Wall Street overnight and the 6 percent tumble in crude oil prices denting investor sentiment. Disappointing US and Chinese manufacturing data released on Monday has added to worries about the global economy. US economic data showed manufacturing activity contracted in January for a fourth straight month as factories grappled with a strong dollar and lower oil prices forced energy firms to further cut spending, but the pace of the decline appeared to be slowing. Meanwhile, Japanese shares slipped from three-week highs as investors locked in profits after two straight days of big gains following the Bank of Japan's decision to introduce negative interest rates late last week. Additionally, a stronger yen dragged down exporters' stocks. Among the other Asian markets, South Korea, Hong Kong, Singapore, Indonesia, Malaysia and Taiwan are down with modest losses. Bucking the trend, Shanghai is higher as the central bank injected cash into the financial system before markets close for Lunar New Year holidays next week.

Nikkei 225 declined 88.73 points or 0.50% to 17,776.50, Hang Seng dropped 155.56 points or 0.79% to 19,439.94, KOSPI Index decreased 13.49 points or 0.70% to 1,911.33, FTSE Bursa Malaysia KLCI slipped 11.00 points or 0.66% to 1,656.80, Jakarta Composite dipped 30.60 points or 0.66% to 4,594.03, Taiwan Weighted decreased 24.63 points or 0.30% to 8,132.33, and Straits Times was down by 19.45 points or 0.75% to 2,582.96.

On the flip side, Shanghai Composite was up by 63.36 points or 2.36% to 2,752.22.