Asian shares mostly held steady on Friday, the final trading session of a poor quarter, with investors still cautious ahead of further developments on Europe’s debt crisis.
In Tokyo, the Nikkei 225 Index erased 0.94 points to 8,700.29
In Hong Kong, the Hang Seng Index diminished 418.65 points, or 2.3%, to 17,592.40
Asian markets are all showing hefty quarter-to-date losses, with declines ranging from 11.4% for the Nikkei to over 21% for the Hang Seng.
Fear over Europe’s escalating debt crisis and weakness in the U.S. economy sent investors running from stocks in the quarter.
The German parliament Thursday passed a key piece of legislation designed to allow the expansion of the European Financial Stability Fund to facilitate a second bailout for Greece.
On the downside of market action Friday, Korean chipmakers were giving back some sharp gains made in the previous session, with Hynix Semiconductor Inc. down 2.3%.
Selected banking stocks were weak, with Bank of China Ltd. shares down 4.7% in Hong Kong trading and Industrial & Commercial Bank of China Ltd. down 5.5%, also in Hong Kong.
Chinese real estate firms posted hefty losses amid ongoing concerns about further downside for share prices.
Shares of China Overseas Land & Investment were down 3.9%, while Agile Property Holdings Ltd. slumped 13.6% and Evergrande Real Estate Group Ltd. tumbled 17.0%.
Credit Suisse said in a note Thursday it was maintaining an underweight call on the sector citing concerns many companies could face a funding squeeze at a time when buyer enthusiasm is set to cool amid weakening house prices.
Energy companies managed to notch gains, as oil futures traded just below the $83 U.S. a barrel mark in electronic trading, with Woodside Petroleum Ltd. shares up 1.1% and JX Holdings Inc. up 1.4%.
In other markets;
Shanghai’s CSI 300 Composite Index slid 6.83 points, or 0.3%, to 2,581.35, ahead of a week-long holiday next week.
Taiwan’s Taiex Index grew 42.77 points, or 0.6%, to 7,225.38
Korea’s Kospi Index edged higher 0.36 points to 1,769.65
Singapore’s Straits Times Index staggered 32.97 points, or 1.2%, to 2,675.16
New Zealand’s NZX 50 Index gained 43.18 points, or 1.3%, to 3,343.35
Australia’s S&P/ASX 200 Index inched up 0.30 points to 4,008.60
