Hong Kong and China signed the accord as part of celebrations for the 10th anniversary of Hong Kong's return to Chinese rule today.
The Hang Seng Index closed down 165.49 points at 21,772.73.
SEOUL
Share prices closed 0.47 percent lower, reversing early gains, as investors sold off stocks amid fresh fears of a possible rate tightening here and in China.
The KOSPI index closed down 8.15 points at 1,743.60.
SHANGHAI
Share prices closed 2.39 percent lower, extending losses on continued fears that the government is determined to mop up abundant liquidity.
The Shanghai Composite Index closed down 93.50 points or 2.39 percent at 3,820.70.
SYDNEY
Share prices closed 0.15 percent higher on Friday after spending most of the final trading day of the financial year in negative territory.
The S&P/ASX 200 rose 9.3 points at 6,274.9.
SINGAPORE
Share prices closed 0.28 percent higher after the US Federal Reserve held its key interest rate unchanged and offered few hints about a future change.
The Straits Times Index closed up 9.97 points at 3,548.2.
KUALA LUMPUR
Share prices closed 0.27 percent higher as gains in select blue chips helped the key index to close in positive territory after a volatile session.
The composite index closed up 3.66 points at 1,354.38.
MANILA
Share prices closed 0.56 percent higher as fund managers built up portfolios in certain stocks in time for the closing of their books for the month.
The composite index added 20.23 points to 3,665.23.
MUMBAI
Share prices rose 1.01 percent, on improving global market trends after the US Federal Reserve kept key rates unchanged.
Dealers said sentiment also improved as India's inflation fell to a 14-month low, according to data released on Friday, easing pressure for a further interest rate hike.
The 30-share SENSEX index rose 145.94 points to 14,650.51.
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