Asian stock markets ended mixed ahead of key US jobs data, which would indicate the state of recovery in the world's biggest economy.
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Japanese stock markets ended with modest decline after Naoto Kan elected as the prime minister, following Yukio Hatoyama’s resignation two days ago. The new prime minister's election and weaker yen against the dollar contributed to some extent to the recovery.
Japanese benchmark Nikkei 225 stock average fell 0.13 percent or 13 points to 9,901.19.
Fuji Heavy Industries Ltd. surged 6.9 percent to 566 yen on a Nikkei report that the firm is expected to post a record operating profit from North America in this fiscal year.
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Ain Pharmaciez Inc. gained 4.94 percent to 3,605 yen after the company said that it expects 20 percent growth in operating profit for the year ended April 2011.
Camera maker Canon Inc., which gets most of its revenue outside Japan, rose 0.64 percent to 3,880 yen due to the weaker yen against the dollar and euro. Pigeon Corp. advanced 3.97 percent to 3,140 yen, despite the company statement said that its group operating profit fell in the February-April quarter.
Among the carmakers, Honda Motor Co. fell 0.14 percent to 2,825 yen. Toyota Motor Corp. and Nissan Motor Co. fell 0.14 percent and 1.18 percent, respectively. Mazda Motor Corp. gained 0.42 percent to 238 yen.
"Non-farm payrolls will be hugely important. Expectations are elevated and rightly so, with eight of 10 leading indicators we look at pointing to a very strong number. But investors are hesitant because of downside risks to Chinese economic growth," said a Wall Street Journal report, quoting Chris Weston, a dealer at IG Markets.
South Korean Composite Stock Price Index KOSPI rose 0.14 percent to 1,664.13, after the central bank said the country’s economy expanded at a faster pace than expected.
Kia Motors Corp. surged 5.64 percent to 32,750 won and Hyundai Motor Co. gained 1.51 percent to 1,34,000 won.
Among the banks, KB Financial fell 1.89 percent to 51,800 and Woori Finance declined 3.78 percent to 15,250 won, while Shinhan Financial gained 0.21 percent to 46,300 won.
In technology space, Samsung Electronics gained 2.05 percent and Hynix Semiconductor surged 6.02 percent, while LG Electronics fell 2.3 percent to 1,06,000 won.
Hong Kong's Hang Seng Index fell 0.03 percent to 19,780.07, led by concerns that China’s measures to prevent the economy from overheating will slow demand for materials.
World’s biggest developer Sun Hung Kai Properties Ltd. fell 0.19 percent to HK$103.6. Li & Fung Ltd advanced 1 percent to HK$35.25.
Jiangxi Copper Co. fell 0.66 percent to HK$15.04. Chalco, as Aluminum Corp fell 1.7 percent to HK$6.30 and Minmetals Resources Ltd. declined 0.7 percent to HK$2.71.
China’s Shanghai Composite index rose 0.04 percent to 2,553.59. Property developers stocks rebounded on speculation that policymakers will continue to support the industry.
China Vanke Co. gained 1.25 percent to 7.28 yuan and Poly Real Estate Group Co. advanced 1.772 percent to 10.910 yuan, while Gemdale Corp rose 2.17 percent to 6.59 yuan.
UFIDA Software rose 2.72 percent to 21.87 yuan and China National Software & Service Co. surged 9.98 percent for the second day to 21.37 yuan. Jiangxi Copper fell 0.42 percent to 28.4 yuan and Baoshan Steel declined 1.11 percent to 6.21 yuan.
