South Korea’s benchmark index rose 0.29 percent, the only major Asian market to post gains.

Shares of LG Electronics Inc. gained 3.07 percent after the company said it was considering either selling its telecommunication equipment business or forming a joint venture. It did not identify potential partners.

Hong Kong’s Hang Seng index dropped 1.5 percent. Top property developer Sun Hung Kai Properties Ltd. fell 3.3 percent after full-year earnings lagged forecasts, prompting Merrill Lynch to downgrade the stock.

Profits at Brilliance China Automotive Holdings, the Chinese partner of BMW AG, sank 7.83 percent in the afternoon after it said first-half earnings fell 29 percent as Beijing’s economic austerity measures crimped vehicle sales.

Taiwan’s tech-heavy benchmark index closed 0.8 percent lower. Taiwan Semiconductor Manufacturing Co., the world’s top contract chip maker and the market’s most heavily weighted stock, fell 2.67 percent and microchip designer Mediatek slid 4.72 percent.

Singapore’s Straits Times Index edged 0.3 percent lower in morning trade and Australia’s benchmark S&P/ASX 200 index closed down by the same amount, retreating from an all-time high set earlier this week.

Japanese markets reopened after a holiday and investors quickly made up for lost time, following a more than 200-point drop in the US benchmark over the past two days.

The Nikkei index fell 1.13 percent to 10,895.16, the first close below 11,000 in a month, and pushed benchmark 10-year Japanese government bond (JGB) yields down 5.5 basis points to a four-month low of 1.415 percent.

Japan’s tertiary sector index, which measures activity in the service sector, fell a worse-than-expected 0.8 percent in July from a month earlier. Private consumption accounts for over half of Japan’s economy and is key to the recovery.