Most Asian markets declined Friday, paring the strong gains recorded earlier in the week, with mainland Chinese shares sliding ahead of a three-day weekend amid lingering economic worries.
In Japan, the Nikkei 225 index dipped 41.98 points, or 0.3%, to end the day and week at 13,884.13
Hong Kong’s Hang Seng Index stayed hot, adding another 146.47 points, or 0.7%, to 22,547.71
Hong Kong equities climbed as a number of frontline companies reported strong profit growth. Several Japanese stocks also ended higher on the back of upbeat results and forecasts, although the broader market fell in choppy trade after the country’s central bank refrained from announcing any fresh monetary easing measures.
The Nikkei Average was the best performer of the week, rising 4.3%. Stock benchmarks in Sydney, Hong Kong, Seoul and Taipei also posted weekly gains. The Shanghai Composite was an exception, finishing the week with a 3% drop.
In Hong Kong, Bank of China Ltd. rose 1.4%, mobile-service provider China Unicom Hong Kong Ltd. gained 2.6%, PetroChina Co. added 2% and casino operator Wynn Macau Ltd. climbed 0.6% after each reported earnings.
Shares of BYD Co., the Chinese automobile and battery maker backed by billionaire Warren Buffett, soared 12.2% after its quarterly profits more than quadrupled.
Even so, some other major stocks outperformed following their earnings, with SAIC Motor Corp. climbing 0.1%, while Baoshan Iron & Steel Co. ended up 0.2%.
In Tokyo, Japan Tobacco Inc. rose 2.7% after it reported a 10% drop in fiscal fourth-quarter net profit but forecast its earnings in the current financial year will hit record levels.
Sony Corp. gained 0.3% after the company doubled its profit estimate for the year ended with March on the back of a weaker yen, asset sales and an improvement in its life-insurance business.
Komatsu Ltd. climbed 2.6%, but Mitsubishi Motors Corp. slumped 6.5%, also driven by their respective earnings reports.
The pullback in Tokyo stocks came as the U.S. dollar weakened after the Bank of Japan’s policy announcement, moving further away from the psychological level of 100 per dollar. Some analysts said the focus is now on the government to pursue fiscal reforms.
Referring to the latest earnings season, the analysts said firms were expected to revise their forecasts higher but advised investors not to be "spooked" by any conservative estimates.
Meanwhile, stocks in Seoul came under pressure as shares of heavyweight Samsung Electronics Co. dropped 0.5% even as the giant electronics maker company reported a record quarterly profit that rose 42% from the year-ago period, boosted by strong smartphone sales.
CHINA
In Shanghai, the mood was less upbeat amid lingering concerns about economic growth, and as investors remained cautious ahead of more blue-chip earnings reports due later in the day.
The Shanghai CSI 300 docked 20.57 points, or 0.8%, to 2,447.31
Shares of banking giants Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. all dropped ahead of their quarterly reports.
Shanghai-traded shares of Bank of China lost 1%, and PetroChina eased 0.5%, untouched by gains recorded in their Hong Kong-listed stock.
In other markets;
In Korea, the Kospi Index drew back 7.04 points, or 0.4%, to 1,944.56
In Taiwan, the Taiex Index inched up 0.31 points to 8,022.06
The Singapore Straits Times Index advanced 11.16 points, or 0.3%, to 3,348.87
In New Zealand, the NZX 50 returned from holiday to gain 9.73 points, or 0.2%, to 4,548.71
Australia’s S&P/ASX also came back from a day off to dock 4.92 points, or 0.1%, to 5,097.51
