Shares in Shanghai fell Friday as a rally on Beijing’s stimulus measures rapidly cooled, while Australia, Hong Kong and Japan posted modest gains after a record close of the S&P 500 index in the U.S. and signs of stabilizing bond markets.
In Tokyo, the Nikkei 225 index leaped 162.68 points, or 0.8%, to 19,732.92, and surged 1.8% for the week. The benchmark closed above 20,000 for the first time since 2000 last month.
In Hong Kong, the Hang Seng Index roared ahead 535.73 points, or 2%, to close the week at 27,822.28, the strongest percentage gain since April 21, according to FactSet data. It closed the week higher by 0.9%.
Australia’s index was up 1.8% for the week.
South Korea’s Kospi was down after the country’s central bank on Friday kept its benchmark interest rate unchanged for a second straight month.
Analysts say the Bank of Korea is still gauging the effect of a March policy rate cut to a record low of 1.75%.
CHINA
The Shanghai CSI 300 descended 83.31 points, or 1.8%, to 4,617.47
The latest pressure, analysts say, comes amid expectations of fresh initial public offerings coming to market, which encourages investors to lock down cash, as well as warnings of market hype by Beijing.
In addition, a newspaper owned by the official Xinhua News Agency on Thursday criticized securities firms and fund managers for hyping up the Shenzhen market where smaller firms trade, warning that the bubble there will burst.
In other markets
In Korea, the Kospi index scaled back 13.83 points, or 0.7 %, to 2,106.50
In Taiwan, the Taiex fell another 31.35 points, or 0.3%, to 9,579.48
In Singapore, the Straits Times index gained 7.32 points, or 0.2%, to 3,463.10
In New Zealand, the NZX 50 moved ahead 21.97 points, or 0.4%, to 5,760.38
In Australia, the S&P/ASX 200 recovered 38.93 points, or 0.7%, to 5,735.50
