Japanese shares ended modestly higher Friday after a roller-coaster ride that subjected the Nikkei Stock Average to a swing of more than 3% on both sides of the previous day’s close.
The Nikkei 225 regained 128.47 points, or 0.9%, to end the week at 14,612.45, after Thursday’s collapse of more than 1,100 points, its biggest one-day slide in two years.
In Hong Kong, the Hang Seng Index capsized 51.01 points, or 0.2%, to 22,618.67
The Nikkei’s slump on Thursday had came against the backdrop of extreme volatility in the bond market, which forced the Bank of Japan to step in and offer funds to soothe investor nerves.
The yield on the 10-year Japanese government bond (JGB) yield rose to 1% Thursday before recovering, even as the Bank of Japan last month announced plans to buy JGBs on an unprecedented scale — a move intended to lower yields and borrowing costs.
On Friday afternoon, the 10-year yield was at 0.835%.
Among the major stock movers Friday, shares of Sharp Corp. climbed 8.2%, Tokyo Electric Power Co. jumped 9.9% and Shinsei Bank Ltd. rose 6.5%.
On the downside, Renesas Electronics Corp. dropped 2.5%, Sumitomo Mitsui Financial Group Inc. shed 2.1% and Japan Real Estate Investment Corp. retreated 4%.
Financial stocks dropped in Sydney amid worries about the economic outlook. Commonwealth Bank of Australia fell 1.4%, and National Australia Bank Ltd. dropped 1.3%.
In the resource sector, BHP Billiton Ltd. came off 1.5%, and Woodside Petroleum Ltd. gave up 1.3%.
However, Newcrest Mining Ltd. rose 3.9% after gold futures rallied overnight.
Shares of Echo Entertainment Group Ltd. plunged 11.9% after Crown Ltd. sold a 10% stake in the casino operator.
In Hong Kong, shares of Lenovo Group Ltd. jumped 3.8%, on top of the 2.9% advance Thursday in the wake of a 34% jump in annual profit for the computer maker.
But some property developers and insurers mostly fell to keep the market under pressure, with China Overseas Land & Investment Ltd. losing 1.7%, and China Life Insurance Co. down 1.2%.
Developer Cheung Kong Holdings Ltd. fell 2.5% as the stock traded without rights to a dividend
In other markets;
Markets in Singapore had the day off
In Shanghai, the CSI 300 Index took on 14.38 points, or 0.6%, to 2,597.23
In Korea, the Kospi Index inched higher 4.26 points, or 0.2%, to 1,973.45
Taiwan’s Taiex Index lost 28.05 points, or 0.3%, to 8,209.78
The New Zealand Exchange 50 Gross Index subtracted 62.35 points, or 1.4%, to 4,526.25
Australia’s S&P/ASX staggered 78.95 points, or 1.6%, to 4,983.50
