Australian shares saw choppy trade near the break-even level, failing to get any boost from strong January trade and retail sales data released earlier in the session.
The benchmark S&P ASX 200 index had risen to a five-and-a-half-year high of 5,446 on Wednesday after fourth-quarter gross domestic product (GDP) beat expectations to grow 0.8 percent on quarter in the last quarter of 2013 and 2.8 percent on-year.
Retail sales beat estimates, rising 1.2 percent on month in January, while Australia's trade surplus stood at A$1.43 billion, well above expectations of A$270 million surplus in a Reuters poll.
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On why Australian shares failed to gain momentum from positive economic data, David Walker, senior equities analyst at StocksInValue told CNBC's Cash Flow, "The reason why markets is not responding well to good economic data is because it's fully valued."
"Currently we are at 5,440, our valuations are 5,175 and 5,550 for the end of the year. So its already trading well on the way to these valuations. Around current levels, unless earnings growth starts to pick up and accelerate, we think its going to struggle along sideways," he added.
Rio Tinto fell back into negative territory with a 0.4 percent loss, as it announced changes to its board early Thursday.
Other mining stocks also traded in the red for whole of the session; BHP Billiton dropped 0.4 percent while Whitehaven Coal shed 0.6 percent.
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Seoul adds 0.2%
South Korean shares found strength in the final hour of trading to lift itself into the positive trading zone on Thursday. The benchmark Kospi index was lackluster for most of the session, failing to move ahead on Wednesday's largest one-day gain in nearly two weeks.
"The local market's slowing down a bit as focus shifts back to leads from the U.S. and China markets, with Ukraine worries easing," said IM investment analyst Kang Hyun-gee.
Samsung Electronics fell 0.7 percent. The smartphone maker was in the news for being in talks with carmakers BMW and Volkswagon to supply a smartphone application for cars.
Steelmaker Posco rose 1 percent, lifted by China's growth targets on Wednesday.