Asian stocks closed mixed on Wednesday, with some markets giving up significant early gains and finishing the day lower. Investors focused on the U.S. Federal Reserve after it kicked off its March meeting in the previous session.
Japanese markets were closed for the vernal equinox.
The Hang Seng Index shed 135.41 points, or 0.4%, to 31,414.52. Energy and property names led gains an hour ahead of the market close, but technology names slipped into negative territory.
Shares of index heavyweight Tencent were up 0.1% ahead of its earnings release later in the day.
In South Korea, shares were flat, as the country's "Big Three" shipbuilders closed mixed, with Hyundai Heavy Industries advancing 3.8%. Among major sectors, automakers and technology names were a mixed bag.
In Australia, energy stocks rose 1.2% as oil prices held onto gains after surging to their highest levels in three weeks overnight, while telecommunication and utilities stocks declined.
Meanwhile, in corporate news, Geely Automobile Holdings fell 5.1%, despite earlier reporting a 108% jump in net profit for 2017.
Shares of Ping An Insurance fell 1.5% in Hong Kong after the company on Tuesday announced annual net profit rose 42.8%, topping an average Thomson Reuters forecast.
Elsewhere, dairy company Fonterra said Wednesday that its CEO, Theo Spierings, would leave the role later in the year. The New Zealand-listed company, which is the largest dairy exporter in the world, announced earlier in the day that it had recorded a net loss in the six months ending Jan. 31.
In Australia, James Packer has stepped down as director from the board of Crown Resorts due to personal reasons, the casino operator said in a release on Wednesday. Crown shares closed down 0.9%.
In currencies, the dollar pared some of its overnight gains as markets awaited the Fed. The dollar index, which tracks the greenback against six rivals, traded at 90.240. The index touched a three-week high in the last session.
The U.S. currency traded at 106.40 against the yen after firming in the overnight session. Meanwhile, the Australian dollar traded at $0.7702 after trading below the $0.77 handle earlier in the session.
Meanwhile, the Hong Kong dollar traded at $7.8452 to the U.S. dollar late in the day after earlier dropping a 33-year low.
In other markets
The CSI 300 dropped 16.65 points, or 0.4%, to 4,061.05
In Taiwan, the Taiex inched up 0.23 points to 11,011.07
In Korea, the Kospi settled 0.55 points to 2,484.97
In Singapore, the Straits Times Index fell 2.18 points, or 0.1%, to 3,511.13
In New Zealand, the NZX 50 sprang up 121.14 points, or 1.4%, to 8,608.29
The ASX 200 gained 13.89 points, or 0.2%, to 5,950.27
