06:39 AM EDT, 05/29/2024 (MT Newswires) -- Asian stock markets ended mostly lower Wednesday after yields on benchmark government bonds rose in Japan and the US.

Hong Kong and Tokyo finished in the red, while Shanghai broke even. Other regional exchanges lost ground.

In Japan, the Nikkei 225 opened evenly but headed south through the day, finishing off 0.8% as traders weighed rising local interest rates.

The benchmark Nikkei 225 fell 298.50 to 38,556.87, as losing issues outnumbered gainers 182 to 40.

Leading the upside was insurer Sompo, up 4.2%, while Tokyo Electric Power lost 8.3%.

Yields on benchmark 10-year Japanese government bonds rose to 1.075%, the highest level since December 2011. Yields on 10-year US Treasuries also gained overnight.

In economic news, Japan's seasonally adjusted consumer sentiment index dropped to 36.2 in May from 38.3 in April, striking a seven-month low, reported the Cabinet Office.

In Hong Kong, the Hang Seng Index opened lower and sank to the close, finishing off 1.8% as traders backed away from property and tech issues.

The broad gauge Hang Seng fell 344.15 to 18,477.01 as losing issues outnumbered gainers 69 to 11. The Hang Seng TECH Index lost 2.3% on the day, while the Mainland Properties Index fell 2.1%.

Leading the thin upside was EV-maker BYD, gaining 5.3%, while JD Heath International fell 5.4%.

On the mainland, the Shanghai Composite was flat at 3,111.02.

On the other regional exchanges, the S. Korean KOSPI fell 1.7%; the Taiwan TWSE declined 0.9%; the Australian ASX 200 declined 1.3%; the Singapore Straits Times Index fell 0.2%, and the Thai Set declined 0.9%. In late trading in Mumbai, the Sensex was down 0.9%.