ASX loses 0.9%
Australia's key S&P ASX 200 index ended at a two-week low of 5,583, with investors finding little solace in a better-than-expected growth report card. On the other hand, the Australian dollar climbed up to $0.7802, from $0.7769 prior to the gross domestic product (GDP).
The Sydney index had plunged 1.72 percent in the previous session following the Reserve Bank of Australia's decision to hold interest rates steady.
The banking sector was the biggest drag for the session. Commonwealth Bank of Australia closed down 1.7 percent, while Westpac, National Australia Bank and Australia and New Zealand Banking eased between 1.1 and 1.4 percent.
Mining stocks were the lone bright spot on the index after iron ore futures firmed up to a three-week high. Bigger players Rio Tinto and BHP Billiton climbed 1.8 and 0.7 percent, respectively, while Fortescue Metals jumped 2.1 percent. Meanwhile, other resources plays traded on the back foot, with Woodside Petroleum and Santos down 1.2 and 1 percent, respectively.
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Mainland markets mixed
China's Shanghai Composite index finished flat following two days of robust gains as a dozen new share-listings prompted some investors to take profits.
Starting the day on the back foot, the Shanghai bourse fell as much as 1.79 percent before clawing back losses in the afternoon session. Meanwhile, the CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 0.35 percent.
The banking sector was mixed after Beijing handed down guidelines on Tuesday for lenders to issue large-scale certificates of deposit (CDs) to individuals and institutional investors. The Agricultural Bank of China and China Construction Bank shed 0.5 and 0.3 percent, respectively, while Bank of Communications closed up nearly 3 percent.
By contrast, Hong Kong's key Hang Seng index elevated 0.7 percent.
Cheung Kong Property Holdings finished 5.9 percent higher at HK$74.10 on its first trading day after being spun off from billionaire Li Ka-shing's conglomerate.
Retailers were in focus after data showed a 2.2 percent on-year slump in the city's retail sales data for April. Chow Tai Fook Jewellery, Giordano and Sa Sa International nursed modest losses as a result.
Nikkei sags 0.3%
Profit-taking and a rangebound dollar-yen kept Japan's benchmark Nikkei 225 modestly in the red on Wednesday. The Tokyo index had snapped a 12-day winning streak a day earlier.
Still, there are market watchers who remain optimistic about Japanese shares.
"Currently, Japan does not look that expensive relative to other indices. Earnings continue to exceed expectation and the improvements in corporate governance are making Japan look attractive," Melissa Otto, Japanese equities analyst at TIAA-CREF, told CNBC.
Decliners were led by power and real estate companies; Chubu Electric Power - the country's largest power company by market capitalization - slumped 3.5 percent following recent gains, while Mitsubishi Estate Co. and Mitsui Fudosan shaved off 1.86 and 1.28 percent, respectively.
Shares of Lixil Group outperformed the bourse with a 4.5 percent jump after the announcement of a wider-than-expected loss from its Chinese subsidiary.
Meanwhile, Softbank announced a $1 billion investment in South Korea's e-commerce player Coupang after the market close. Shares of the Japanese mobile carrier notched up 0.5 percent.