Concerns over China's slowing economy hammer Shanghai shares, but bargain hunters buoy other markets. Rough Cut.(no reporter narration).
ROUGH CUT. NO REPORTER NARRATION Bargain hunters helped some Asian markets move off their three-year lows on Tuesday but mainland China markets were mired in the red. Hong Kong's Hang Seng managed to climb into positive territory at the close after an up and down day. The Shanghai Composite Index fell seven percent, breaking below the key psychological level of 3,000. The index fell 15 percent the previous three days, including an 8.5 percent collapse on Monday. China is one of the main engines of the world economy, and global investors are worried its economy is growing at a much slower pace than the official 7 percent target for 2015. They're also worried about that it seems policymakers in Beijing have largely sat on their hands during the latest bout of turbulence. Japanese investors were in for a wild ride as the Nikkei 225 seesawed throughout the day. It ended with a loss of four percent. South Korea snapped a six-day losing streak, rebounding after the North and South agreed to end a military standoff. The Kospi ended up nearly 1 percent. Australia shares climbed 2.7 percent recovered ground lost Monday when the market suffered its worst loss in over six years. Prime Minister Tony Abbott urged investors not to hyperventilate over the market gyrations. He said the fundamentals are sound.