Asian stocks swung between gains and losses after the biggest rally in three weeks. Telecommunication and retail shares led declines while energy companies rose.

Nikkei 225 15,611.31 -38.90 -0.25%

Hang Seng 23,744.19 -66.98 -0.28%

S&P/ASX 200 5,143.55 -0.87 -0.02%

Shanghai Composite 2,237.49 -0.71 -0.03%

Shimizu Corp. gained 1.9 percent in Tokyo after Credit Suisse Group AG analysts advised buying shares of the building contractor.

QBE Insurance Group Ltd. led declines on the regional benchmark index, dropping a second day after Australia’s largest insurer by market value forecast an unexpected loss of about $250 million.

Doosan Infracore Co. sank 3.4 percent in Seoul as the construction-equipment manufacturer plans to start selling 40 million new shares.