Asia markets slip, Iran tensions lift energy firms

HONG KONG: Asian markets slipped in early trade on Tuesday as dealers looked for a foothold to spur buying despite a positive lead from Wall Street.

Energy firms were the stand-out plays as oil prices remained at elevated levels thanks to the ongoing tensions between Iran and the West.

Hong Kong slipped 0.53 percent, Sydney was 0.36 percent lower, Seoul gave up 0.21 percent and Shanghai was 0.75 percent.

Tokyo was closed for a public holiday.

With few catalysts investors took a breather from a rally since the start of 2012 that has seen most markets rise between 10 and 20 percent thanks to upbeat data from the United States and easing fears over Europe's debt crisis.

Wall Street provided a positive cue after Apple said it would use some of its $98 billion cash stockpile to pay its first quarterly dividend since 1995 - $2.65 per share - and buy back $10 billion of shares.

The tech-heavy Nasdaq Composite rose 0.75 percent, the Dow added 0.05 percent and the broad S&P 500 gained 0.40 percent.

Adding to Apple's lustre was its announcement that it sold a record three million of the new iPad, which launched globally on Friday.

However, Apple-linked Asian shares were mixed despite the news.

In Seoul LG Display rose 2.4 percent and Hynix Semiconductor added 0.2 percent but LG Innotek dropped 0.9 percent Samsung SDI slipped 1.0 percent.

Energy firms continued to prove attractive on the back of still-high crude costs, which have been driven by the ongoing row between Tehran and the West over the Islamic republic's nuclear programme. (AFP)