DEBORAH MARCHINI, CNN ANCHOR: It's time now to get a look at the performance of the Asian markets overnight. We can tell you that Tokyo reversed its recent uptrend. Dalton Tanonaka has a look at more, from Hong Kong.</s>DALTON TANONAKA, CNN CORRESPONDENT: Tokyo stocks retreated as investors took a breath, after Monday's near five percent jump. Chipmakers, such as Toshiba, saw hefty losses after four straight sessions of gains. Toshiba lost nearly 3 1/2 percent. The Nikkei, overall, slipped 1.6 percent. But traders are saying the pullback is temporary, and they expect the market to resume its upward climb as more banks get serious about tackling bad debts. Blue chip property stocks were the big losers in Hong Kong, investors there selling developers such as Cheung Kong and Sun Hung Kai Properties on concerns over the uncertain interest rate outlook. Dealers say Hong Kong investors will be watching U.S. consumer confidence numbers, due out later, for any positive sign in the U.S. economy. The Hang Seng index finished 1.8 percent lower. South Korean blue chips were the region's worst performers on this trading day. Analysts say sharp falls in Tokyo and on the Nasdaq triggered a correction in chips and telecom stocks. The benchmark KOSPI closed down 2.4 percent. That is the Asian business day, I'm Dalton Tanonaka, in the CNN Asia Center, in Hong Kong.</s>LINDA STOUFFER, CNN ANCHOR: All right, thanks Dalton.
Asian Market Update: Traders Say Pullbacks Are Temporary