Hong Kong Earnings
Risk appetite in Hong Kong fell on a dismal picture of corporate earnings.
Foxconn International Holdings, the world's biggest contract maker of cellphones, dropped 1 percent after reporting a net 2012 loss of $316 million, its biggest all-time loss.
Shares of China's largest oil and gas producer, Petrochina declined 1.3 percent on a 13.3 percent drop in net profit, its worth annual results since the global financial crisis.
The Shanghai Composite closed just 3 points shy of a one-and-a-half week high hit earlier in the session.
Financials weighed with China CITIC Bank and China Life Insurance both losing over 1 percent. A surge in capital inflows combined with the People's Bank of China's draining operations in the past month have sparked worries that Beijing will tighten monetary policy in the near- term.
ASX 200 Moves Off Lows
Sydney's benchmark rebounded after touching an earlier six-week low of 4,927 points thanks to a rally amid the gold miners.
OceanaGold rallied 9 percent while Beadell Resources surged 8 percent after bullion traded near a three-and-a-half week high on strong safe haven demand.
Gains were capped by weakness in the construction sector after shares of construction giant Leighton Holdings dived 6.9 percent on the sudden resignation of its chairman and two directors.
Also weighing on shares were worries over the stability of Australia's government after Prime Minister Julia Gillard managed to survive a leadership crisis on Thursday.