Asian stocks fluctuated, with the region’s benchmark index paring gains that drove valuations to the highest levels since December 2007.
Japan's Nikkei 225 Average slid 9.36 points, or 0.1% at 8,626.97, paring its increase this week to 8.6%.
In Hong Kong, the Hang Seng Index gained 10.52, or 0.1%, to 14,119.50,
Samsung Electronics Co., Asia’s biggest maker of flat screens and mobile phones, rose 2.5% in Seoul as U.S. electronics retailer Best Buy Co. reported profit that topped analysts’ estimates.
Rio Tinto Group, the world’s third-largest mining company, climbed 4% in Sydney after metals prices advanced yesterday. Tokyo Electric Power Co., Japan’s biggest power company, lost 2.7% amid speculation higher oil prices will raise fuel costs.
Five stocks advanced for every four that declined on the MSCI Asia Pacific Index, which was little changed at 85.46 as of 7:20 p.m. in Tokyo. The gauge jumped 7.5% this week, the biggest weekly gain since the period ended Aug. 24, 2007. The gauge has risen 21% from a five-year low on March 9, technically entering a bull market, amid optimism governments are succeeding in efforts to revive economic growth.
Japan Prime Realty Investment Corp. surged 11% after Nikkei English News said the country may establish a fund to buy assets from real-estate investment trusts. Elpida Memory Inc. soared 12% in Tokyo after computer-chip prices rallied. Esprit Holdings Ltd., the biggest clothing company that’s publicly traded in Hong Kong, tumbled 9.9% after rival Hennes & Mauritz AB’s profit fell.
Canon Inc., the world’s biggest camera maker, advanced 1.9%. Sony Corp., the world’s second-largest consumer-electronics maker, rose 0.5%.
BHP Billiton Ltd., the world’s largest mining company, gained 0.7%.
Kansai Electric Power Co., Japan’s No. 2 generator, fell 3.8%.
Aeon Mall Co., a Japanese shopping mall developer, rose 2%.
The country’s ruling coalition is studying the creation of a 1 trillion yen ($10 billion U.S) fund to buy property from REITs, Nikkei said, without saying where it got the information.
Elpida soared 12%. Ibiden Co., a maker of materials for semiconductor manufacturing equipment, advanced 3%. Average prices of benchmark dynamic random access memory chips surged 14% yesterday.
Esprit, which made 85% of its HK$19.1 billion ($2.5 billion U.S.) first-half sales in Europe, tumbled 9.9%. Hennes & Mauritz, Europe’s second-largest clothing retailer, yesterday reported its first quarterly profit decline in more than five years. The stock also fell as Esprit brand president Thomas Grote resigned as a director.
Japan’s retail sales fell the most in seven years last month, while New Zealand’s economy contracted last quarter by the most in more than 16 years, government reports today showed.
Elsewhere:
China’s Shanghai 300 Composite Index picked up 19.14 points, or 0.8% to 2,498.93
Singapore’s Straits Times Index lost 13.13 points or 0.8%, to 1,745.66
South Korea’s Kospi Composite Index skidded 6.29 points, or 0.5%, to 1,237.51
Taiwan’s Taiex Index tacked on 4.14 points, or 0.1%, to 5,390.70
New Zealand’s NZX Index raced ahead 37.22 points, or 1.4% to 2,653.48
Australia's S&P/ASX 200 index added 25.70 or 0.7%, to end the week at 3,672.30
