While jitters from the rare domestic default weighed on sentiment, analysts have generally cheered the default and dismissed negative repercussions.
"Be mindful that for the Chinese banks, solar (industry) is less than 0.1 percent of their loan. I think people are starting to panic about what this means for the bank sector, but what we should really be concerned about is the property (sector) which is 30 percent of the banks' loans. Chaori Solaris is insignificant," said Jim Mccafferty, Head of Research at CIMB Securities, to CNBC's Cash Flow.
Property stocks saw declines after China's government announced of a property tax implementation. China Merchants Property and Shanghai Shimao tumbled 2 percent.
(Read more: Why China needs a national property tax)
Developer Vanke traded unchanged, despite news that its full-year profit rose 21 percent.
Sydney gains 0.3%
Despite slow gains throughout the session on Friday, Australia's benchmark S&P ASX 200 index gained ground to end the week on a closing high of 5,462, its highest point since June 2008.
Mining stocks were among the top gainers; Rio Tinto held steady at 0.6 percent gain while Fortescue Metal rose 0.4 percent.
Oil and gas producer Woodside Petroleum surged over 1 percent, after U.S. oil rose as traders reconsidered the geopolitical risks of Russia's intervention in Crimea.
Limiting gains was Westpac, which saw a steep fall of 1.2 percent.
(Read more: Contained or contagion: How to play Ukraine)
Meanwhile, Australia's central bank governor Glenn Stevens, said in his twice-yearly parliamentary testimony, that low interest rates were helping the economy transition.
South Korean shares lost initial positive momentum at midday and the benchmark Kospi index remained sluggish to finish modestly in the red on Friday.
KT Corp tanked 1.6 percent, after two hackers were arrested for allegedly hacking into the Web site of the mobile carrier, stealing the personal information of 12 million customers.
Hyundai Motor also saw steep declines, losing over 2 percent.
(Read more: Samsung scores win in patent dispute with Apple)
Samsung Electronics was the anomaly, surging to 1 percent on news that a federal judge in California has denied Apple's request to permanently ban Samsung from selling 23 older-model smartphones and tablets smartphones.