Shanghai Extends Gains
Shanghai shares rose for a third consecutive session as the benchmark pushed above the 2,300-level to hit a fresh one-month high with financials leading the rally.
China CITIC Bank gained 4.6 percent after the official Shanghai Securities News reported that China's big five banks could post a 12 percent increase in 2012 net profit.
However, Hong Kong shares reversed earlier gains to tread water in the afternoon session as investors digested a slew of corporate earnings.
Shares of Tencent Holdings, tumbled 4 percent after Deutsche Bank and CLSA downgraded China's largest internet services provider despite the firm posting a 25 percent rise in 2012 net profit.
In Sydney, the S&P ASX 200 was under pressure as political uncertainty over Prime Minister Julia Gillard's leadership offset earlier gains from China's strong manufacturing data.
"People may be thinking a change of government may be good. Its been documented that most businesses haven't enjoyed the Labor government so that may have attracted some buying," said Gary Glover, senior equities advisor at Novus Capital.
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Shares of surf wear retailer Billabong slumped 14 percent to an all-time low and the company has been placed on a trading halt in order to investigate the sudden decline.
Seoul stocks hit a fresh one-month low after North Korea's military threatened to attack U.S navy bases in Guam and Japan.
The index has struggled to push above the 2,000-mark in recent sessions after hitting a two-month high earlier this month as the Korean won continues to strengthen against the Japanese yen.
The won has appreciated 6 percent against the Japanese currency since the start of 2013, making Korean exporters less competitive as a stronger won decreases the value of their repatriated earnings.
"I wouldn't own anything in Korea because I think its going to get really hurt by Japan. Japanese earnings are turning around at the same that the Korean ones are decelerating," said Mark Matthews, head of research Asia at Bank Julius Baer.