Hong Kong shares have fallen 0.25 per cent as profit-takers moved in after a healthy two-day rally.
The benchmark Hang Seng Index eased 58.45 points on Wednesday to 23,257.29 on turnover of $HK52.50 billion ($A8.16 billion).
The market enjoyed a bright start to the week after a string of upbeat data, including on US jobs, Japanese economic growth, and Chinese manufacturing and trade.
Leading the advances has been Wall Street, where the Dow and S&P 500 have broken records on a regular basis over the past two weeks.
However, on Tuesday the US advance stalled as the Dow managed just a 0.02 per cent gain to hit a new record, the S&P 500 dipped 0.02 per cent from its all-time high while the Nasdaq nudged 0.04 per cent higher.
The main focus for the rest of the week will be on the Bank of Japan's monetary policy meeting that concludes Friday and Chinese economic figures for May, including retail sales and industrial output.
Internet firm Tencent rose 2.56 per cent to $HK116.4, China Mobile eased 2.08 per cent to $HK75.15 and casino operator Sands China was 3.57 per cent up at $HK53.
Macau casino stocks bucked the broader market after Credit Suisse called recent selling in the sector "excessive". Sands China Ltd. rose 3.6 per cent to $HK53.70, cutting losses so far this month to five per cent. Galaxy Entertainment Group rose 3.1 per cent to $HK57.65.
But in China the benchmark Shanghai Composite Index edged up 0.12 per cent, or 2.42 points, to 2,054.95 on turnover of 63.2 billion yuan ($A11.25 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.47 per cent, or 5.05 points, to 1,068.93 on turnover of 97.0 billion yuan.
"Investors stayed on the sidelines as their earlier worries over the domestic economy and the resumption of IPOs (initial public offerings) haven't disappeared completely," Shenyin Wanguo Securities analyst Qian Qimin told AFP.
"The market will likely consolidate in the near term," he added.
China's stock regulator said Monday it had given the green light for 10 firms to list on the country's stock exchanges, sparking fears the new issues will cause a glut.
Medical equipment makers led the gains. Jiangsu Yuyue Medical Equipment & Supply gained 1.23 per cent to 26.29 yuan, while retailer Suning dropped 2.25 per cent to 7.38 yuan despite announcing it would become a sponsor of Spanish football giants Barcelona.
Among other firms Air China rose 0.60 per cent to 3.33 yuan, SAIC Motor added 0.53 per cent to 15.18 yuan and Wuhan Iron & Steel was unchanged at 2.02 yuan.
Ping An Insurance was off 0.8 per cent at 40.14 yuan and China Securities fell 1.0 per cent to 11.38 yuan.
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