Japanese stocks fell Friday on caution ahead of the month’s end and a long weekend in the U.S., while Australian and South Korean shares ended higher after a positive lead from Wall Street.
Several major resource shares pulling back after commodity prices dropped on eased worries about a military confrontation in Syria.
Japan’s Nikkei 225 handed back 70.85 points, or 0.5%, to at 13,388.86
Hong Kong’s Hang Seng Index gained 26.59 points, or 0.1%, to 21,731.37
Major regional benchmarks also diverged in their weekly performance, with the Nikkei sliding 2% and the Hang Seng Index dropping 0.6%, while the Kospi, Shanghai Composite and the S&P/ASX 200 gained 3%, 2% and 0.2%, respectively.
Friday’s performance in Asia came after stocks on Wall Street advanced overnight as data showing the U.S. economy expanded more rapidly than previously thought in the second quarter trumped concerns that the upbeat data may lead the Federal Reserve to reduce the pace of its bond purchases soon.
Oil and metal prices dropped, meanwhile, on expectations the U.S. and its allies weren’t likely to immediately launch a military strike against Syria, where pro-government forces reportedly used chemical weapons against civilians recently.
In the resources sector, Inpex Corp. dropped 2% in Tokyo, and Cnooc Ltd. shed 0.8% in Hong Kong, while in Shanghai, PetroChina Co. and Zijin Mining Group Co. declined 1.1% each.
Shares of Rio Tinto Ltd. inched up 0.1% in Sydney, less than the broader market, after The Australian newspaper reported the miner has delayed targeted production at the Simandou iron-ore project in Guinea by three years, as African development plans made during boom years continue to unwind.
Shares of Evolution Mining Ltd. gained 3.3% as the gold producer said it still plans to pay a year-end dividend despite swinging to a full-year net loss.
Shares of BOC declined 0.6% and China Construction Bank Corp. lost 0.4% in Hong Kong, although ICBC overcame early losses to finish 0.6% higher.
The retreat in Tokyo came even as official data released before the stock market opening in Tokyo showed core consumer prices in the country, a measure that excludes volatile fresh-food prices, climbed 0.7% in July from the year-ago month.
The data provided evidence the Bank of Japan’s unprecedented monetary easing was yielding results in its attempt to pull the nation from an era of falling prices.
CHINA
The Shanghai Shenzhen CSI 300 dipped 4.40 points, or 0.2%, to 2,313.91
Most Chinese banking shares suffered broad losses amid worries that bad loans could rise in coming quarters, although two of the nation’s largest lenders — Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. — posted an increase in half-yearly profits.
In other markets;
The Taiex Index in Taiwan leaped 104.23 points, or 1.3%, to 8,021.89
Korea’s Kospi Index progressed 18.82 points, or 1%, to 1,926.36
The Singapore Straits Times Index fell 9.09 points, or 0.3%, to 3,028.94
In New Zealand, the Exchange 50 Gross Index moved higher 20.47 points, or 0.5%, to 4,540.97
In Australia, the S&P/ASX 200 added 42.55 points, or 0.8%, to 5,134.96
