06:39 AM EDT, 05/28/2025 (MT Newswires) -- Asian stock markets tracked unevenly Wednesday as traders awaited fresh catalysts, and weighed bond yields and exchange rates.

Hong Kong lost ground, while Shanghai and Tokyo finished flat. Other regional exchanges were uneven on the high side.

In Japan, the Nikkei 225 opened higher on Wall Street cues but drifted in the afternoon, finishing the day largely unchanged as traders weighed the yen's value against the US dollar and local interest rates.

The benchmark Nikkei 225 fell 1.71 to 37,722.40, as gaining issues outnumbered losers 121 to 102.

Leading the upside was chip designer Socionext, gaining 4.70%, while Mitsubishi Electric declined 5.4%.

In Hong Kong, the Hang Seng Index finished down 0.5% after e-commerce platform PDD reported soft earnings and sales.

The broad gauge Hang Seng fell 123.68 to 23,258.31 as gaining and losing issues were matched at 40 each. The Hang Seng TECH Index lost 0.2% on the day, but the Mainland Properties Index rose 0.3%.

Leading the upside was Kuaishou Technology, gaining 6%, while Hansoh Pharmaceutical declined 3.4%.

On the mainland, the Shanghai Composite was stable and closed at 3,339.93.

Shanghai-based PDD, the owner of Pinduoduo and Temu online retail platforms, reported a 47% year-on-year decline in Q1 earnings, as sales turned sluggish.

On the other regional exchanges, the S. Korean KOSPI rose 1.3%; the Taiwan TWSE declined 0.3%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index rose 0.4%, and the Thai Set declined 0.3%. In late trading in Mumbai, the Sensex was down 0.3%

The Stoxx Asia/Pacific 600 Index rose 0.5% on the day.