HONG Kong shares have closed flat, rowing back from earlier gains sparked by a eurozone and IMF deal to unlock 43.7 billion euros ($A54.63 billion) in loans to debt-crippled Greece.
The benchmark Hang Seng Index on Tuesday slid 17.78 points to end at 21,844.03 on turnover of HK$49.48 billion ($A6.13 billion) after trading in positive territory following the announcement of the bailout deal for Athens.
Greece won breathing space with long-frozen eurozone loans to restart from December and a first clear admission that a chunk of the country's debt burden will eventually need to be written off.
After 13 hours of talks in Brussels, finance chiefs agreed to release multibillion-euro loans from next month and on the need to grant significant debt relief for decades to come.
Clothing retailer Esprit fell 2.1 per cent to close at $HK12.32 while consumer conglomerate China Resources Enterprises gained 2.8 per cent to $HK27.70.
Shipbuilder China Rongsheng shed 6.7 per cent to $HK1.40 while mainland developer Glorious Property fell 3.2 per cent to $HK1.20.
Chinese shares fell 1.30 per cent to close at their lowest level in nearly four years on growing pessimism about the domestic economy and the absence of new government moves to support growth.
The benchmark Shanghai Composite Index fell 26.29 points to 1,991.17 on turnover of 39.1 billion yuan ($A6.05 billion).
The close was the lowest since January 23, 2009, when the index ended at 1,990.66. The index also touched an intra-day low of 1,990.34, the lowest since February 2, 2009, when it reached 1,987.13.
Investors have been looking for weeks for the government to act more aggressively to ease monetary policy, analysts said.
"There's pessimism towards economic conditions next year," Haitong Securities analyst Zhang Qi told AFP.
"China may maintain its current stance for its monetary policy, which may not be significantly relaxed until the first quarter next year."
Metals stocks fell on weak domestic prices. Dongyangguang Aluminium slumped 7.31 per cent to 6.97 yuan, Qinghai Jinrui Mineral Development lost 6.15 per cent to 10.07 yuan and Xiamen Tungsten dropped 5.67 per cent to 30.80 yuan.
Wine and liquor producers lost ground on concerns over product quality. Jinfeng Wine fell 2.93 per cent to 8.29 yuan and Sichuan Swellfun shed 1.42 per cent to 18.72 yuan.
China's economic growth hit a more than three-year low of 7.4 per cent in the third quarter this year.
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