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We extend the analysis of axisymmetric magnetic shear instabilities from ideal magnetohydrodynamic (MHD) flows to weakly ionized plasmas with coupling between ions and neutrals caused by collisions, ionization, and recombination. As part of the analysis, we derive the single-fluid MHD dispersion relation without invoking the Boussinesq approximation. This work expands the range of applications of these instabilities from fully ionized accretion disks to molecular disks in galaxies and, with somewhat more uncertainty, to protostellar disks. Instability generally requires the angular velocity to decrease outward, the magnetic field strengths to be subthermal, and the ions and neutrals to be sufficiently well coupled. If ionization and recombination processes can be neglected on an orbital timescale, adequate coupling is achieved when the collision frequency of a given neutral with the ions exceeds the local epicyclic freqency. When ionization equilibrium is maintained on an orbital timescale, a new feature is present in the disk dynamics: in contrast to a single-fluid system, subthermal azimuthal fields can affect the axisymmetric stability of weakly ionized two-fluid systems. We discuss the underlying causes for this behavior. Azimuthal fields tend to be stabilizing under these circumstances, and good coupling between the neutrals and ions requires the collision frequency to exceed the epicyclic frequency by a potentially large secant factor related to the magnetic field geometry. When the instability is present, subthermal azimuthal fields may also reduce the growth rate unless the collision frequency is high, but this is important only if the field strengths are very subthermal and/or the azimuthal field is the dominant field component. We briefly discuss our results in the context of the Galactic center circumnuclear disk, and suggest that the shear instability might be present there, and be responsible for the observed turbulent motions.