"The Hong Kong market is going into a gradual consolidation phase, " said Linus Yip, First Shanghai Securities strategist in Hong Kong.

WSJ: Asian Shares End Lower

"People in the market expect there will be a recovery in the second quarter, " said Linus Yip, strategist at First Shanghai Securities.

WSJ: Asia Markets End Mixed

"Because the macroeconomic situation is still bad, we are expecting there might be some new policy coming out, " said Linus Yip, strategist at First Shanghai Securities in Hong Kong.

NPR: Asia Stocks Up On US Company Earnings, Home Sales