Most Asian markets ended lower Friday ahead of a key report on U.S. employment, with investors dumping property shares in Shanghai and Hong Kong as they fret that Beijing may tighten monetary policy.
Miners and energy producers broadly declined, weighed down by weaker commodity prices.
The Nikkei 225 index in Tokyo gained 24 points, or 0.2%, to end the week at 10,412.09.
Japan clinched gains after a volatile session as investors bought into defensive sectors such as pharmaceuticals and telecommunications. Astellas Pharma rose 2.2%, while NTT DoCoMo added 1.2%.
In Hong Kong, the Hang Seng index skidded 523.87 points, or 2.5%, to 20,375.37, also erasing gains made earlier in the week, on persistent fears that China may tighten lending policies, especially in the property sector, to prevent asset bubbles.
In Hong Kong, China Resources Land sank 5.5%, while Country Garden Holdings Co. lost 4.4%.
In Tokyo, auto stocks were lower on profit-taking after leading the Nikkei higher on Thursday. Toyota Motor Corp. fell 1%, Honda Motor Co. dropped 0.3% and Mitsubishi Motors lost 1.2%.
Mining giants Rio Tinto and BHP Billiton were down 2.2% and 2% respectively in Sydney, Inpex Corp.1.4% lower in Tokyo and Korea Zinc off 2.9% in Seoul.
Shares of Ssangyong Motor soared 14.9% after its management and unions reached an agreement on job cuts Thursday, ending a sometimes-violent 77-day strike.
In Hong Kong, market heavyweight China Mobile defied the broad market trend to end up 1.7%, on top of Thursday's 7.5% jump, on hopes it may go for a Shanghai listing. Citigroup Friday raised the giant mobile operator's target price, saying the potential A-share listing in Shanghai was "a real boost" to valuation.
"We expect 5% of old shares to be listed as A-shares; no dilution to current [Hong Kong] shareholders," the brokerage said.
Tsingtao Brewery fell 2.2% in a weak market, although the beer maker reported a 68% on-year jump in its first-half net profit.
Singapore blue-chip DBS Holdings fell 3.8% in afternoon trading, despite the bank's better-than-expected second-quarter results, as sentiment was damped by concerns over rising bad-debt charges
CHINA
Shanghai’s 300 Composite Index lost 108.02 points, or 3%, to 3,555.10, Shares of China Vanke fell 4.1% and Poly Real Estate Group shed 2.8% in China. Chinese banks were also hard hit, with China Construction Bank shrinking 2.9% in Shanghai and 3.2% in Hong Kong.
Yunnan Copper slumped 6.9% in Shenzhen, while PetroChina sank 4.1% in Hong Kong and 2.7% in Shanghai.
Elsewhere:
Singapore’s Straits Times Index was 52.15 points, or 2%, lower, to close at 2,549.35.
South Korea’s Kospi index picked up 10.96 points, or 0.7%, to 1,576
Taiwan’s Taiex was off for a holiday
New Zealand’s NZX 50 Index improved 12.85 points, or 0.4%, to 3,069
Australia’s S&P/ASX 200 sagged 26.90 points, or 0.6%, to 4,299.40
