Asian stock markets churned on Wednesday as crude prices edged higher and Beijing reported weak inflation, aggravating concerns the regional behemoth's economy may be underperforming.

Hong Kong and Shanghai lost ground, while Tokyo finished flat. Other regional exchanges were mixed.

Brent crude futures struck $106.31 a barrel, up 0.6%, during Asian market hours.

In Japan, the Nikkei 225 opened evenly and finished essentially flat, as traders weighed tech-sector values after recent declines.

The benchmark Nikkei 225 fell 33.23 to 67,744.29, as losing issues outnumbered gainers 124 to 99.

Leading the upside was electronics-component maker Taiyo Yuden, up 3.6%, while Olympus fell 13.5% after the US Food and Drug Administration issued a warning letter regarding the medical-device maker's quality management systems.

In Hong Kong, the Hang Seng Index opened lower, waffled and closed down 0.1% after a raft of economic reports from Beijing again suggested a sluggish domestic economy.

The broad gauge Hang Seng fell 31.05 to 24,314.17, as losing issues outnumbered gainers to 54 to 37.

The Hang Seng TECH Index rose 0.9% on the day, while the Mainland Properties Index fell 0.9%, and the Hang Seng Mainland Banks Index fell 1.1%.

Leading the upside was online delivery service Meituan, gaining 6.6%, while Innovent Biologics declined 4.2%.

On the mainland, the Shanghai Composite fell 0.9% to 3,767.23.

In economic news, China logged a 36.3% on-year rise in exports in September, a 31% on-year gain in imports, and a $133.5 billon international trade surplus in the month, reported the Customs Administration.

The nation's consumer price index rose a modest 0.9% on year in September, and by 0.2% from August, reported the National Bureau of Statistics.

China's producer price index rose 5% on year in September, the NBS said.

On the other regional exchanges, the S. Korean KOSPI fell 0.4%; the Taiwan TWSE inclined 0.6%; the Australian ASX 200 declined 0.6%; the Singapore Straits Times Index fell 0.1%, and the Thai Set inclined 0.3%. In late trading in Mumbai, the Sensex was down 0.3%

The MSCI All Country Asia Pacific Index finished flat on the day.