The benchmark Shanghai Composite Index fell 4.03 percent amid worries over possible measures to rein in China's economy and the markets.
"The performance of the China markets is having an increasing impact on local stocks and is contributing to the [Hang Seng] index's volatility," Hung said.
SEOUL
Share prices closed sharply higher with sentiment underpinned by Wall Street's advance on robust consumer spending data.
Dealers said foreign investors' strong interest in blue chips pushed the benchmark index well above 1,400 points to its highest level in a month.
The KOSPI index ended up 30.24 points at 1,413.14.
"The market continued a Wall Street-driven relief rally, with many investors now looking to the positive side," Daewoo Securities analyst Lee Kyung-soo said.
SHANGHAI
Share prices closed sharply lower again, falling 4.03 percent on renewed institutional selling of banks and real estate developers.
Dealers said that financial and property stocks were heavily sold amid ongoing investor jitters that the market is overbought following a series of official warnings that sustained gains have put stocks at risk of a major correction.
At the same time, investors are also preparing to wind down positions ahead of the Lunar New Year in mid-February which could further pressure prices.
For the week, the key Shanghai Composite Index was down more than 7 percent, hit badly by comments from a senior government official that an advance of some 150 percent since the beginning of last year looked to be forming a bubble which could hurt investors if it burst.
The Shanghai Composite Index closed down 112.22 points at 2,673.21.
SYDNEY
Share prices added 0.3 percent to reach a fresh record high on a solid lead from Wall Street and strong gains by resources giant BHP Billiton.
The SP/ASX 200 ended up 17.4 points at 5,831.5.
CMC Markets senior dealer James Foulsham said that BHP Billiton's strength helped counteract losses from rival resources giant Rio Tinto, which fell despite announcing a record US$7.44 billion profit after market close on Thursday.
SINGAPORE
Share prices rocketed 1.57 percent to fresh record peaks, powered by sharp gains in banking and property stocks. Dealers said they expect the gains to be sustained.
The Straits Times Index breached the 3,200-point level for the first time to close at a fresh record high of 3,217.68, up 49.58 points.
MUMBAI
Share prices closed up 0.96 percent at a new record high led by hopes of sustained economic growth after India's central bank boosted its full-year growth forecast to 8.5-9.0.
Dealers said buying was hectic in telecom, capital goods and automobile companies.
The 30-share SENSEX index rose 136.59 points to 14,403.77.
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