Most Asian stocks survived intraday volatility to advance Friday, with Chinese issues ending at a record high, but Japanese shares were a mixed bag as gains in exporters such as Sony Corp. were matched by losses for banking majors such as Mizuho Financial Group.
In Tokyo, Nikkei 225 index shed 4.25 points, or 0.03 percent, on the Tokyo Stock Exchange to 16,979.86 while in Hong Kong, the blue chip Hang Seng Index rose 95.19 points, or 0.4 percent, to 22,538.44.
Losers Friday included oil-related shares, which fell on uncertainty in overseas markets. Cosmo Oil Co. lost 3.52 percent to 630 yen ($5.29). Shares in other energy-related companies dropped amid concerns over price increases for liquefied natural gas. Tokyo Gas Co. fell 0.76 percent to 523 yen ($4.39).
Meanwhile, real estate stocks rose on strong earnings outlooks and as expectations of an interest rate hike by the Bank of Japan in August faded. Mitsui Fudosan Co. climbed 1.55 percent to 3,280 yen ($27.56). Insurance shares also ended higher on bargain hunting, with Mitsui Sumitomo Insurance Co. gaining 1.81 percent to 1,352 yen ($11.36).
ELSEWHERE:
MANILA: Philippine shares declined for a third session Friday as investors remained jittery over recent sell-offs triggered by Wall Street losses. The 30-company Philippine Stock Exchange Index fell 6.78 points, or 0.2 percent, at 3,352.24, extending Thursday's 1.97 percent decline. Since the close of trading last Thursday, the market has tumbled more than 8 percent.
SEOUL: South Korea's Kospi advanced 1.3% to 1,876.80.
SHANGHAI: In China, the Shanghai Composite index, which tracks both yuan-denominated A shares and foreign currency-denominated B shares, advanced 3.5% to 4,560.77, a record high.
TAIPEI: Taiwan shares rose as the index recovered partially from the previous session's sharp decline on bargain hunting in heavyweights such as Taiwan Semiconductor Manufacturing and United Microelectronics. The financial subindex lost ground due to ongoing concern over U.S. mortgage woes. The Weighted Price Index of the Taiwan Stock Exchange rose 58.69 points, or 0.7 percent, to close at 8,950.57 points.
WELLINGTON: New Zealand's NZX 50 index slipped 0.4% to 4,122.41.
With files from wire services
