Property developer Sun Hung Kai weighed on Hong Kong stocks after the firm slipped nearly 2 percent on a conservative sales guidance.
Gold mining stocks were the biggest losers in Australia with Perseus Mining and Alacer Gold dropping between 4 to 5 percent after the yellow metal tumbled 1 percent.
Amid the out performers, Ten Network shares soared 9 percent on reports that the chairman of rival company Seven Group, Kerry Stokes, is set to acquire an almost 5 percent stake in Ten.
Investors are keeping an eye out for a possible rate cut from Australia's central bank as it meets this coming Tuesday. In the past, a stubbornly strong Australian dollar has been a principal factor behind the Reserve Bank of Australia's (RBA) decision to cut rates.
However, the currency has lost 1.6 percent of its value since the start of 2013 and hit a 4-month low around $1.0180 earlier this week, which may prompt the RBA to hold its fire. The Aussie was last trading at around $1.02.
Asian markets ended the month of February on a strong note, but experts warn that investors should not expect a risk-on environment as 2013 progresses.
"In reality, it is perhaps more a case of an impressive January and a consolidation in February, as political issues on both sides of the Atlantic keep equity investors in check," Jason Hughes of IG Markets said in a note.