Asian Shares Mostly Down

Asian stock markets finished mostly lower Thursday, with many of the region's banks under pressure, though Japan's main indexes swung to gains as exporters strengthened.

South Korea's Kospi Index lost 1% to 2007.80, Australia's S&P/ASX 200 index slipped 0.2% to 4286.2 and Hong Kong's Hang Seng Index dropped 0.8% to 21380.99

But the Shanghai Composite index edged up 0.3% to 2409.55 and Japan's Nikkei Stock Average rose 0.4%, erasing early-session losses as exporters again benefited from a weaker yen.

U.S. stocks ended broadly flat on Wednesday, bringing a three-session run of gains to an end, as investors reacted to weak results from a survey of euro-zone business activity.

"I think that the excitement of the Greek bailout getting through has now worn off a bit ... [and] that permeated the European and the American markets," said Michael Heffernan, senior client adviser at Austock.

Strategists at Barclays Capital said that the data from Europe were disappointing and "suggest that the region remains in mild recession."

Concerns about the global economy worked to weigh on export-dependent South Korea, where Samsung Electronics fell 3.1% and Hyundai Motor surrendered 2.2%.

In Tokyo, Mazda Motor skidded 6.8%, after the car maker confirmed earlier reports it would issue new shares.

However, many other major exporters rose, helping pull the broader market to gains, as the U.S. dollar held above the psychologically important ¥80 level, while the euro remained above ¥106.

Among the gainers, Sharp rose 2.7%, Elpida Memory surged 13%, Nintendo gained 4% and Nissan Motor added 1.6%.

Financials, which moved lower in U.S. trade, also drew some selling in Asia.

In Japan, top lender Mitsubishi UFJ Financial Group fell 0.5%. In Hong Kong, HSBC Holdings lost 1.5%, while in Sydney, Westpac Banking retreated 0.5% and National Australia Bank fell 1%.

Miners were also under pressure in Australian trading, as Rio Tinto gave up 1.5%, and Fortescue Metals Group slipped 1.6%.

Iluka Resources fell 3.3% in Sydney after the zircon miner posted a sharp increase in annual profit but highlighted an expected increase in costs during the current year.

Political uncertainty also weighed on the Sydney market after Prime Minister Julia Gillard said Thursday morning she would hold a vote for leadership of the ruling party and government next Monday.

"When there's uncertainty around, that's not good for markets," said Austock's Mr. Heffernan.