Most of the Asian stock markets ended lower Thursday, tracking overnight declines from Wall Street after a disappointing Spanish bond auction.

The concerns over European debt crisis revived after a disappointing auction of government debt in Spain. Spain sold just €2.6 billion ($3.4 billion) of bonds compared with a maximum target of €3.5 billion. The auction also recorded lower bid-to-cover ratios and higher yields, sparking concerns that Spain may reignite the eurozone crisis.

Sentiment has been subdued in Asian trading, with equities having mixed performances. The weak Spanish bond auction and cautious comments by the ECB overnight are likely to result in cautious trading in emerging markets, a note from Credit Agricole said.

Japanese shares ended lower for the third day, led by declines from exporter companies' shares. Benchmark Nikkei declined 0.53 percent or 52.38 points to 9,767.61.

Exporter companies' shares declined as yen strengthened against major counterparts. Toyota Motor declined 0.72 percent and Honda Motor plunged 3.92 percent while Nikon Corp. declined 1.86 percent after it was downgraded to hold rating from buy rating at BNP Paribas.

Hong Kong shares ended lower as declines from Chinese financial and consumer sectors weighs. Benchmarck Hang Seng plunged 1.05 percent or 217.65 points to 20,573. Industrial & Commercial Bank of China declined 2.15 percent and Bank of China Ltd. fell 1.88 percent, while China Construction Bank declined 1.96 percent.

Meanwhile, Chinese shares rallied after a three-day holiday and South Korean shares pared earlier losses and ended with gains. Chinese Shanghai Composite surged 1.74 percent to 2,302.249 and South Korea's Seoul Composite advanced 0.50 percent to 2,028.77.