Asian markets exhibit mixed trade in early deals on Tuesday

Asian equity indices are exhibiting mixed trade in early deals on Tuesday, following the previous session's sharp rally after an unexpected rate cut announcement from the Chinese central bank lifted stocks across the board. On the regional front, the Japanese stock market is trading higher tracking the overnight gains on Wall Street and playing catch-up with its Asian peers following Monday's holiday. Besides, weakness in yen versus the dollar, boosting the outlook for export earnings, amid growing confidence in the global economy also contributed to the upside. On the economic front, the Bank of Japan expanded its massive quantitative and qualitative easing in a 5-4 vote, raising the monetary base at an annual pace of about 80 trillion yen. The Chinese stock market improved amid speculation the government will extend cuts in interest rates and accelerate state-owned enterprise reform to support the economy. Among other markets in the Asia-Pacific region, Hong Kong, Singapore, Indonesia and South Korea are trading marginally lower. Meanwhile, Shanghai, Malaysia and Taiwan are modestly higher. Nikkei 225 soared 45.15 points or 0.26% to 17,402.66, Shanghai Composite added 17.90 points or 0.71% to 2,550.78, FTSE Bursa Malaysia KLCI strengthened by 4.97 points or 0.27% to 1,838.74 and  Taiwan Weighted was up by 9.70 points or 0.11% to 9,132.03. On the flip side, Hang Seng dropped by 30.23 points or 0.13% to 23,862.91, KOSPI Index slipped 1.16 points or 0.06% to 1,977.38, Straits Times contracted by 1.32 points or 0.04% to 3,339.21 and Jakarta Composite was down by 16.69 points or 0.32% to 5,125.07.