Asian stocks pared losses as Chinese shares rose. Tencent Holdings Ltd. extended a record high while Qantas Airways Ltd.  dragged Australian equities lower.

Nikkei 225 14,923.11 -47.86 -0.32%

S&P/ASX 200 5,411.45 -25.55 -0.47%

Shanghai Composite 2,047.35 +6.10 +0.30%

The Shanghai Composite Index headed for its steepest gain in a week as China Petroleum & Chemical Corp. and technology companies rallied.

Tencent jumped 4.8 percent, contributing the most to the Hang Seng Index’s advance.

Qantas lost 9 percent in Sydney, the biggest decline since Dec. 5, after Australia’s largest airline said it will cut 5,000 jobs and defer new jets.

Mitsubishi Estate Co. sank 3.1 percent in Tokyo as developers led declines among the Topix index’s 33 industry groups.