Mixed reaction by Asian Market to US

Asian markets ended mixed Thursday, rebounding from early lows that came after another steep loss on Wall Street and amid persistent worry over the likely impact of a U.S. recession.
Hong Kong's Hang Seng Index fell 3.5 percent at 21,108.20, after dropping as much as 4.4 percent in morning trading.
In mainland China, the recovery was more dramatic: The Shanghai Composite Index closed 1.1 percent higher at 3,804.10 after having plunged 6.5 percent in morning trade to hit its lowest level since June.
But trading was subdued without the lead of Asia's largest bourse in Tokyo due to a national holiday in Japan. Financial markets were also closed in India, Indonesia, Malaysia, Pakistan and the Philippines.

Investors continue to worry about the world's financial system and the state of the U.S. economy, a vital export market for Asian companies.