HONG KONG--Asian markets fell for a second straight day on Tuesday as dealers further sold off stocks on worries over the global economy, despite data pointing to a pick-up in manufacturing in the US.

Hong Kong dipped 1.76 percent and Sydney 0.2 percent, while Seoul was 0.59 percent off. Tokyo was closed for a public holiday.

The falls followed Monday's losses that came on the back of a Wall Street dive at the end of last week. Despite news Thursday that the US had moved out of recession, dealers are still on edge about the strength of recovery.

Even a 0.79 percent pick-up in New York Monday—after data showing US manufacturing rose for a third straight month—was unable to ease jitters.

Sydney fell after the central bank raised interest rates 25 basis points for a second month in a row. Trading was also thinner in the afternoon due to the Melbourne Cup horse race.

Analysts tipped investors to remain cautious until the end of a US monetary policy meeting and the release of a non-farm payrolls report on Friday.

Shanghai bucked the regional trend again on hopes that bank lending surged last month, boosting liquidity. The new Nasdaq-style ChiNext board also saw heavy corrections after Friday's meteoric debut.

HONG KONG: Down 1.76 percent. The Hang Seng Index fell 380.13 points to 21,240.06.

Profit-taking in Chinese banks emerged after gains Monday and a report pointing to China's big four extending more new loans in October than September.

The Hong Kong property sub-index, which tracks the shares of main developers, slid 2.8 percent, the seventh decline in the past eight sessions.

SYDNEY: Down 0.20 percent. The S&P/ASX 200 dropped 8.9 points to 4,531.5.
Turnover was slim due to the Melbourne Cup, dealers said.

"In Australia, the 'race that stops the nation' saw anaemic volumes traded with the market drifting in the afternoon as bear watchers became horse watchers," IG Markets analyst Cameron Peacock said.

Gold stocks were the major winners, with Lihir Gold adding 4.28 percent to 3.17 dollars.

SHANGHAI: Up 1.22 percent. The Shanghai Composite Index, which covers both A and B shares, rose 37.58 points to 3,114.23.

The official China Securities Journal reported Tuesday the country's biggest four banks had extended new loans of about 136 billion yuan ($19.9 billion) in October, up from 110 billion yuan in September.

Property developers with land reserves in areas where Shanghai Disneyland could be built also rallied on expectations Beijing will approve the park.

Winsan (Shanghai) Industrial surged by the 10 percent daily limit to 6.75 yuan.

SEOUL: Down 0.59 percent. The KOSPI fell 9.17 points to 1,549.92.
The reaction to better-than-expected US manufacturing data reflected still weak sentiment, analysts said.

Banks extended Monday's losses as investors continued to take profit after CIT Group's bankruptcy filing in the US. Woori Finance Holding lost 5.6 percent at 15,200 won.

Samsung Electronics rose 1.5 percent to 729,000 won and Hynix Semiconductor added 0.8 percent to 18,200 won; Hyundai Motor rose 2.9 percent to 105,000 won and Kia Motors advanced 2.8 percent to 18,150 won.

TAIPEI: Down 0.17 percent. The index dropped 12.25 points to 7,322.93.

Construction led the fall after economic planning minister Tsai Hsun-hsiung suggested he may propose hiking taxes on houses that are not for the buyer's own use, to curb speculation.

Huaku Development fell 4.68 percent to $75.3 while E-Ton Solar Tech rose 4.07 percent to 66.

Taiwan Semiconductor Manufacturing Co finished 1 percent lower at 59.2 while rival United Microelectronics Corp lost 1.88 percent to 15.65.

SINGAPORE: Down 0.90 percent. The Straits Times Index fell 23.88 points to 2,621.55.

Singapore Airlines rose two cents to 13.52 dollars but Singapore Telecoms was off four cents to 2.92 dollars.

DBS Group Holdings fell eight cents to 12.96 and United Overseas Bank gained 14 cents to 17.42.

BANGKOK: Down 1.29 percent. The Stock Exchange of Thailand lost 8.74 points to close at 668.48.

PTT Plc lost 5 baht to 228 and PTT Exploration and Production fell 7 baht to close at 130.00 baht as subsidiary PTTEP Australasia said a fire and spill at an oil rig off the Australian coast had been brought under control.

Among other major stocks, coal producer Banpu dropped 6 to close at 420 baht.

Bangkok Bank closed unchanged at 111.5 baht, Kasikornbank closed 2.25 baht lower at 76.25 and Siam Commercial Bank edged down 1.25 baht to 76.5.

KUALA LUMPUR: Flat. The Kuala Lumpur Composite Index edged up 0.56 points, or 0.05 percent, to 1,242.32.

Leading bank CIMB added 0.30 percent to 12.56 ringgit and AMMB was up 0.90 percent to 4.68, while gaming group Genting lost 1.40 percent to 7.05.

JAKARTA: Down 1.58 percent. The Jakarta Composite Index lost 37.53 points to 2,334.10.

Coal miner Bumi Resources dropped 5.2 percent to 2,300 rupiah, while rival Bukit Asam declined 2.1 percent to 14,550 rupiah.

Car distributor Astra International shed 2.6 percent to 30,250 rupiah.

MANILA: Flat. The index fell 0.26 points to 2,908.24.

Jose Vistan of AB Capital Securities Inc said there was concern over the impending release of October inflation data, warning many analysts believe it will be much higher due to damage caused by a recent spate of storms.

Philippine Long Distance Telephone Co. fell 0.78 percent to 2,575 pesos while Philex Mining Corp. bucked the trend and rose 13.04 percent to 13 pesos.

WELLINGTON: Down 0.78 percent. The NZX-50 lost 24.75 points to 3,158.99.

Brokers said the Melbourne Cup kept investors out of the market in the afternoon, while the Australian rate decision also played a dampening role.

New Zealand Refining Co. fell nine cents to 5.11 dollars and infrastructure investor Infratil shares fell six cents to 1.59 dollars.

Fletcher Building fell one cent to 8.11 dollars, Contact Energy fell eight cents to 6.10 and Telecom dropped three cents to 2.50.

MUMBAI: Down 3.09 percent. The 30-share Sensex index fell 491.34 points to 15,404.94, a two-month-low and a sixth day of losses.