Trading volumes were thin with most major indexes shut for the year-end holiday. Stock markets in Japan, South Korea, and Thailand were closed on the last trading day of the year, while Hong Kong, Philippines, Australia, and New Zealand will see a shortened trading session for the day.

The World Bank last week raised forecasts for China's economy growth to 4.9% but warned that reduced confidence among households and businesses, an aging population as well as iss

The country's official purchasing managers' index for December came in at 50.1, data released by the National Bureau of Statistics data showed.