By Michael Kitchen
LOS ANGELES (MarketWatch) -- Asian shares reversed from a generally positive direction Tuesday to move broadly lower in midday trading, with Hong Kong and Shanghai indexes leading the fall. Hong Kong's Hang Seng Index moved 1.2% lower, while the Hang Seng China Enterprises Index lost 1.8% and the Shanghai Composite off 1.7%. Financials were among the sectors leading the retreat, with Bank of Communications (CN:601328 6.20, -0.18, -2.82%) (HK:3328 8.57, -0.14, -1.61%) (BKFCF 1.10, +0.14, +14.58%) down 2% in both the Hong Kong and Shanghai markets. Resources also fell in Hong Kong: Jiangxi Copper Co. (CN:600362 26.35, -1.09, -3.97%) (HK:358 14.94, -0.34, -2.23%) (JIXAY 78.51, +1.63, +2.12%) lost 2.5% in Hong Kong and 2.2% in Shanghai. In Tokyo, the Nikkei Average surrendered early gains to trade down 0.6%, while the broader Topix lost 0.4%, although some exporters managed gains -- such as Sony Corp. (JP:6758 2,425, -17.00, -0.70%) (SNE 27.16, -0.17, -0.62%) , up 1.3% -- despite a rise in the yen. Elsewhere, Seoul's Kospi and Taipei's Taiex each fell 0.3%, while Mumbai's Sensex and S&P/CNX Nifty each lost 0.5% in early trading.
