Shanghai International Port, Shanghai Material Trading and CTS International Logistics tumbled by the daily trading limit of 10 percent each.
(Read more: Shanghai's free trade zone - What's the hype about?)
Real-estate developers were lower after the Ministry of Land and Resources said on Thursday that local governments must release more land for residential building to cool price rises. China Merchants Property and Poly Real Estate fell 1 and 2 percent, respectively.
Sydney hits highs
Australia's share market climbed above 5,300 points to hit its highest levels since 2008.
Westpac reversed early gains to slip 0.2 percent after media reports revealed it is the front-runner to buy Lloyds' Australian business, which is worth about $10 billion.
Gold miners slumped after spot gold headed for its fifth weekly decline. Newcrest Mining fell 3.4 percent while Kingsgate Consolidated closed down 1.5 percent.
Speaking at a press conference, Treasurer Joe Hockey announced the final 2012-1023 budget deficit came in at A$18.8 billion, around 1.2 percent of GDP.
Kospi adds 0.2%
South Korean stocks hovered around 2,010 points throughout the session, modestly higher after the nation's August current account surplus came in at its second-highest level on record thanks to strong exports.
(Read more: The best 'unstable' emerging market: Commentary)
Shipbuilders rose on the prospects of higher earnings. Hyundai Heavy Industries and Hyundai Mipo Dockyard rose nearly 3 percent each.
India 0.3% lower
India's benchmark index erased opening gains to drift lower after central bank governor Raghuram Rajan said that core inflation remains high during a visit to Germany. Meanwhile, the rupee strengthened 0.4 percent to 61 per dollar.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC