Asia stocks mixed on oil slump; Shanghai up nearly 11% in November

Asian equity markets were mixed on Friday following weak economic data and as oil prices extended their slide.

For November, the Shanghai Composite rose nearly 11 percent, making it one of Asia's best performing indices.

Airline stocks rallied while energy producers suffered as Brent crude hovered near a four-year low hit in the previous session following OPEC's (The Organization of Petroleum Exporting Countries) decision not to cut production on Thursday.

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"While a weaker oil price is in theory positive for the global economy as it encourages a wealth transfer from producers to consumers, it seems in the short term it presents significant challenges for some key central banks. The reality is major central banks have been trying to push inflation higher and oil prices will make this difficult to achieve," said Stan Shamu, market strategist at IG.

On the data front, Japanese October consumer price inflation slowed to its lowest level in a year and South Korean industrial output unexpectedly declined in October.

The absence of a U.S. lead also damped sentiment. Wall Street was closed for the Thanksgiving holiday on Thursday and will reopen on Friday for a shortened session.

ASX 200
CNBC 100

Shanghai pops 2%

Mainland shares ended at a new three-year peak, extending gains into a seventh straight session and posting their biggest monthly gain in two years, according to Reuters.

Air carriers China Southern Air, Air China and China Eastern Air all climbed 10 percent each.

Read MoreChina 'wasted' $6.8T in investment: Researchers

Hong Kong stocks reversed earlier losses to gain 0.3 percent, tracking Shanghai's gains.

Nikkei rallies 1.2%

Japanese shares ended at a two-week closing high, one day after hitting a more than one-week closing low. Investors cheered a depreciating currency, with the yen weakening to 118.38 per dollar after rising as high as 117.69 earlier. For November, the Nikkei rose over 6 percent.

In the transportation sector, All Nippon Airways and Japan Airlines surged 7 and 5 percent, respectively. Shipping firms Kawasaki Kisen Kaisha jumped nearly 7 percent and Mitsui OSK rose 3.6 percent.

Real-estate developer Mitsubishi Estate jumped 1.4 percent on news it is selling an office tower it bought in 2003 back to Mizuho Financial for $1.35 billion.

ASX down 1.6%

Australia's benchmark S&P ASX 200 index closed at a one-week low due to the sharp slide in oil prices, experiencing its biggest percentage drop in seven weeks. The benchmark has lost nearly 3 percent in the past 30 days.

Energy producers were the biggest losers; Santos plummeted 12 percent, while Woodside Petroleum tanked 6.8 percent and Origin Energy slumped over 7 percent.

Rio Tinto gained 2 percent after the firm deferred a decision on whether to develop the Silvergrass iron ore mine in Pilbara until the third quarter of next year.

Nifty up 1.4%

Indian shares shot up to new record highs ahead of the release of gross domestic product for the July-September period. Economists polled by Reuters expect growth slowed an annual 5.1 percent, compared to 5.7 percent growth in the previous quarter.

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Kospi flat

South Korea's benchmark Kospi was weighed down by shipbuilders on the plunge in oil prices.

Samsung Heavy Industries was one of the biggest losers on the index, down nearly 6 percent.

Meanwhile, Korean Air increased 4.7 percent and Asiana Airlines climbed nearly 10 percent.