Chinese stocks retreated Friday as caution set in ahead of economic growth data due next week, while Australian and Japanese shares climbed after key U.S. indexes hit a record high, most notably the Dow Jones Industrials.
In Japan, the Nikkei 225 gained 33.67 points, or 0.2%, to 14,506.25
Hong Kong’s Hang Seng Index faltered 160.21 points, or 0.8%, to 21,277.28
On the week, however, the Nikkei rose 1.4%, the S&P/ASX 200 and the Taiex each advancing 2.7%, and the Kospi and the Hang Seng Index both climbing 2%.
Financials and consumer-staple firms were among Hong Kong stocks retreating Friday. Shares of foods company Tingyi Cayman Islands Holding Corp. dropped 3%, and Ping An Insurance Group Co. declined 2.5%.
Several shares pulled back in Seoul after Thursday’s upbeat performance. Among them, Kia Motors Corp. slid 4.7%, and Hyundai Motor Co. 5.9%, following reports that more Chinese cities may restrict vehicle purchases to ease traffic congestion.
In Tokyo, shares of Fast Retailing skidded 5.8% after its quarterly operating profit edged marginally down despite a strong growth in net income and sales.
But helping the broader market move higher, shares of Asahi Group Holdings Ltd. rose 1.8%, and industrial automation firm Fanuc Corp. rose 2.2%.
In Sydney, the resource sector added to Thursday’s gains, with gold miners stretching their advance after the metal’s futures rose for a fourth straight day in U.S. trade.
Newcrest Mining Ltd. sprang 8.9% higher, while in the broader mining space, BHP Billiton Ltd. climbed 1.4%, and Rio Tinto Ltd. added 0.8%
CHINA
The Shanghai Shenzhen CSI 300 gave back 51.32 points, or 2.2%, to 2,275.37
The drop came amid concern that official data due Monday may signal a sharp slowdown in gross domestic product growth in the second quarter. The index ended the week with a 1.6% gain.
Economists expect China’s second-quarter economic growth to ease to 7.3% from the year-ago period, according to data compiled by FactSet, following a 7.7% increase in the first quarter.
Chinese Finance Minister Lou Jiwei said Thursday that the nation’s economic growth will likely average 7% this year, below the government’s 7.5% target. Although Lou ruled out a so-called "hard-landing," worries about the economy persisted.
Macquarie slashed its Chinese GDP growth forecasts in a report issued Thursday, cutting its growth view for 2014 to 6.9% from an earlier projection of 7.5%.
In Shanghai, Industrial & Commercial Bank of China Ltd. slid 0.5%, and China Merchants Bank Co. gave up 4.4%, while Industrial Bank Co. retreated 3.2% after jumping by the day’s 10% limit Thursday.
In other markets;
Taiwan’s Taiex Index gained 40.95 points, or 0.5%, to 8,220.49
Singapore’s Straits Times Index erased 12.86 points, or 0.4%, to 3,236.06
Korea’s Kospi Index surrendered 7.62 points, or 0.4%, to 1,869.98
In New Zealand, the Exchange 50 Gross Index inched higher 8.28 points, or 0.2%, to 4,568.33
In Australia, the S&P/ASX 200 moved higher 8.19 points, or 0.2%, to 4,973.89
