LONDON (ShareCast) - Monday's rally among exporters ran out of steam Tuesday and took the Nikkei (news) down nearly 1%.
The benchmark Nikkei 225 index closed down 78 points at 9,786
in Tokyo.
Sony (Munich: 853687 - news) , Canon (Berlin: CNN1.BE - news) and Toyota were among the biggest decliners on concern the market's rally in the last few months had been overdone.
Commodities came under pressure too. Trading houses such as Mitsui & (Munich: 853656 - news) amp; Co were down 2.8% at 1,268 yen. Elsewhere copper giant Sumitomo Metal Mining marked its third day of losses, down 2.2% to 1,445 yen.
Chip stocks recovered from Monday's sell-off as bargain hunters moved in. Tokyo Electron (Frankfurt: 865510 - news) added 2% to 4,810 yen while Advantest Corp inched 0.2% higher at 1,866 yen. Softbank (Xetra: 891624 - news) rallied 4.2% after it confirmed that it will sell Apple (NASDAQ: AAPL - news) 's new iPhone. Chip stocks were also buoyed by upbeat comments from Texas Instruments (NYSE: TXN - news) in the US.
The Hang Seng slumped 2.3% on Tuesday on increasing concern that the recent rally has been overdone.
Cnooc (0883.HK - news) fell over 3%, in line with other oil related stocks, as the price of crude edged lower. PetroChina fell 0.44%. Jiangxi Copper fell almost 5%.
A decline in transportation rates sent shares in Cosco Shipping down 2.8%.
Hong Kong's Hang Seng (news) was down 119 points at 18,133.
Bank of China and ICBC (0349.HK - news) were both lower although HSBC (LSE: HSBA.L - news) recovered from Monday's decline, rising 1.48%.
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