Hong Kong stocks ended on a negative note on Friday as investors returned from a public holiday, after the US Senate approved a bill that would lay out sanctions on Chinese officials who undermine the city's autonomy as Beijing pushes forward with a controversial national security law.
The bill would allow sanctions against Chinese officials and the Hong Kong police, as well as banks that conduct "significant transactions" with them.
The Hang Seng Index slipped 0.9 percent, to 24,549.
Mainland markets and the Taiwan bourse were closed for a holiday.
Most other Asian markets bounced back following a strong lead from Wall Street.
Tokyo, Sydney, Seoul, Manila and Bangkok were all more than 1 percent higher. Singapore rose 0.9 percent, Jakarta edged up 0.2 percent, and Wellington was marginally higher.
While investors continued to see the positives, backed up by trillions of dollars in government support, analysts suggested the three-month rally in world equities could be stuttering.
"It seems like we've reached a point where as much good news as can be extrapolated has been milked, and investors are finding it hard to see the marginal or incremental new support," said AxiCorp's Stephen Innes.
"I'm not suggesting that the stealthy market rally won't resume, it's just that investors may need more prominent catalysts. Ideally a vaccine."
Oil prices also rose as traders cheered news that Russia had cut exports to their lowest level in a decade, indicating Moscow was sticking to a deal with other producers to ease a glut that hammered the market earlier this year.
Both main contracts extended the almost two percent rally seen Thursday and bit into steep losses on Wednesday. (AFP)