Most Asian stocks finished with minor losses after moving off session lows Friday as a strong quarter for regional equities drew to a close.
In Japan, the Nikkei 225 Index dropped 31.23 points, or 0.3%, to 10,083.60 Friday.
In Hong Kong, the Hang Seng Index fell back 53.81 points, or 0.3%, to 20,555.60
The cautious trade came ahead of a key meeting of European finance ministers set for later in the global trading day, and China’s manufacturing Purchasing Managers’ Index data, due out Sunday.
In contrast to Friday’s lackluster performance, the Hang Seng Index has risen 11.5% over the quarter, the Nikkei Average has gained 19.2% -- a track for its best quarter in decades -- the Kospi has climbed 10.3%, and the S&P/ASX 200 has managed to erase some of its recent underperformance to trade up 6.9%.
Some of the quarterly performance can be explained by currency moves. While the relative strength of the Australian dollar has weighed on the Sydney stock market during the quarter, for example, the opposite has been the case in Japan, where stocks have been lifted as the yen eased against major counterparts.
Among the region’s more dramatic moves Friday was a selldown in Hong Kong real-estate stocks after the arrest of two of the city’s prominent property tycoons.
Shares of Sun Hung Kai Properties Ltd. came off Thursday’s trading halt to plunge 13.1% after the arrest of the firm’s chiefs, brothers Thomas and Raymond Kwok, reportedly on suspicion of bribery.
Other property developers also dropped, especially those focused on Hong Kong, with Henderson Land Development Co. down 2.5%, Wharf Holdings Ltd. lower by 2.9%, and Sino Land Co. losing 3.6%.
Most energy stocks were losing ground in Asia after crude-oil futures ended at a six-week low in New York trading overnight on an easing in supply worries. Saudi Arabia’s oil minister said his country is able to increase supplies to counter higher oil prices.
In Sydney, Woodside Petroleum Ltd. fell 1.4%, while in Tokyo, Inpex Corp. dropped 0.7%, and Japan Petroleum Exploration Co. lost 1.4%. However, Cnooc Ltd. gained 0.3% in Hong Kong.
Manufacturing-related firms were some of the worst performers in Tokyo after Japanese industrial output data for February showed that production fell 1.2% last month, far below forecasts for a 1.3% gain, according to a Dow Jones Newswires survey of economists.
Fanuc Corp. fell 2.9%, and Kawasaki Heavy Industries Ltd. declined 1.2%.
Banks also lost ground in Japan after weak U.S. economic data dented financials on Wall Street.
Mizuho Financial Group Inc. dropped 2.2%, Sumitomo Mitsui Financial Group traded down 1.8%, and Tokyo-listed shares of Citigroup Inc. slid 2.1%.
In Australia, gains from metal giants BHP Billiton Ltd. and Rio Tinto Ltd. supported the market, with BHP trading up 1.1% and Rio adding 1.6%.
CHINA
The Shanghai CSI 300 gained 11.78 points, or 0.5%, to 2,454.90. Next week, stock markets in mainland China will be closed for much of the week for holiday-related celebrations
China’s biggest lender, Industrial & Commercial Bank of China Ltd., rose 1.6% in Hong Kong and 1.2% in Shanghai after reporting a record-high 2011 profit.
Bank of China Ltd. also gained 1.6% in Hong Kong, while advancing 2.1% in Shanghai, after its own earnings beat estimates.
In other markets;
Korea’s Kospi Index eased 0.37 points to 2,014.04
The Taiex index in Taiwan regained 60.34 points, or 0.8%, to 7,933
Singapore’s Straits Times Index picked up 16.37 points, or 0.6%, to 3,010.46
New Zealand’s NZX 50 Index added 14.11 points, or 0.4%, to 3,509.55
Australia’s S&P/ASX 200 Index subtracted 2.66 points to 4,335.24
