Japan's Nikkei 225 Index ended flat as gains in Nippon Steel were offset by declines in Canon Inc. and other exporters, while elsewhere around the region, share indexes finished at records.
Japan's Nikkei 225 Average edged up 1.66 points, or 0.01 percent, to finish at 17,224.81 while Hong Kong's Hang Seng Index rose 276.18 points, or 1.4 percent, to 20,001.91.
Nippon Steel Corp. jumped 5.29 percent to 677 yen ($5.69) and Kobe Steel Ltd. posted a 3.01 percent gain to 411 yen ($3.45). But Inpex Holdings Inc. slipped 0.20 percent to 983,000 yen ($8,260.50) amid caution about chasing upside following one-month rally in market, traders said.
Other gainers included brokerage stocks, with Daiwa Securities Group Inc. rising 0.75 percent to 1,339 yen ($11.25).
Elsewhere:
BANGKOK: Thai shares closed lower, falling 1.1 percent at 680.36 in moderate trade.
JAKARTA: Indonesia shares rose 0.1 percent to an all-time record high of 1,805.52 on the last trading day of the year, with gains in telecommunication blue chips keeping index in positive territory.
KUALA LUMPUR: Malaysian shares rose, buoyed by local funds that bought key stocks to push prices higher before the year's end. The Kuala Lumpur Composite Index of 100 blue chips climbed 0.5 percent to 1,088.85 points.
MANILA: Philippine shares surged on a Wall Street rally and an upbeat growth outlook for 2007, paving the way for more gains during the next session. The benchmark Philippine Stock Exchange Index rose 59.91 points, or 2.1 percent, to 2,943.38 -- its best finish since April 18, 1997.
MUMBAI: Indian shares ended flat after a choppy session and are expected to move sideways until key players and foreign fund managers, get back from year-end holidays next week. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, fell 13.35 points, or 0.1 percent, to 13,846.34.
SEOUL: South Korean shares were buoyed by window-dressing by institutions on the year's last trading day, with the benchmark index ending 2006 up 4 percent from the start of the year. The Korea Composite Stock Price Index, or Kospi, closed up 0.7 percent, or 9.36 points, at 1,434.46.
SHANGHAI: China's shares rose to record highs for a fourth straight day, driven by demand for bank stocks. The Shanghai Composite Index rose 1.2 percent to 2,567.59 after breaking through the symbolic 2,600 level several times during the day.
SINGAPORE: Singapore's shares inched upwards to close at a record high, boosted in part by similar gains in other regional markets and on Wall Street. The Straits Times Index closed up 2.24 points, or less than 0.1 percent, to finish at 2,963.49 points.
TAIPEI: Taiwan shares barely budged Thursday as trading slowed down ahead of the New Year holiday. The Weighted Price Index of the Taiwan Stock Exchange dropped 0.25 points, or less than 0.01 percent, to 7,732.93.
WELLINGTON: Solid offshore markets drove New Zealand shares to a record closing high for the second straight session, though brokers are divided on whether the recent strong run will continue through year-end. The benchmark NZX-50 finished up 15 points, or 0.4 percent, at 4,047.29.
SYDNEY: Fresh record highs on Wall Street pushed the Australian share market up for the third day running, with dealers saying they expect the market to hold its gains in the next few weeks and 2007 to be another good year for the Australian market. The benchmark S&P/ASX 200 index rose 0.3 percent to close at 5,660.5.
With files from wire services
