Most of Asian stocks decline on Tuesday

© Scanpix/Reuters

On Tuesday Asian markets moved on contrasting directions. Japan's Nikkei Stock Average lost 1.3%, China's Shanghai Composite dropped 0.2%, while South Korea's Kospi slipped 0.8%.  In contrast, Hong Kong's Hang Seng Index closed flat and Australia's S&P/ASX 200 index gained 0.5%. Positive moves were associated with hopes that Greece will obtain next funding package, whereas declining indices reflected investors' concerns regarding Italy political chaos.