Oil refiners and airlines were hurt by soaring oil prices, but trade was light with Tokyo shut for a holiday.

ZHANG: Asia stocks were mixed on Tuesday, with investors keeping a close eye on soaring oil prices.

Crude oil paused near record highs in Asia after surging nearly $4 on supply concerns.

Chinese oil refiner Sinopec slumped as oil prices hit a record high above $120 a barrel. Sinopec is China's largest refiner, and imports around 80 percent of its oil.

Shares in China's top e-commerce firm Alibaba.com remained in focus after Microsoft withdrew its bid for the company's major investor Yahoo.

On the upside, in South Korea, Samsung gained over 2 percent. The electronics giant signed a deal with top rival Intel to cooperate on next-generation chip technology.

Market activity was generally quiet with Tokyo closed for a long holiday. Japan markets will re-open on Wednesday.