Asian stocks achieved strong gains for the week, especially in Southeast Asia, though regional markets were mostly lower on Friday ahead of next week’s key Federal Reserve policy meeting.
Japan’s Nikkei 225 recovered 17.40 points, or 0.1%, to 14,404.67
Hong Kong’s Hang Seng Index slid 38.44 points, or 0.2%, to 22,915.28
Stocks across Asia posted healthy returns since last Friday, as further signs of an economic recovery in China combined with lower expectations of U.S. military intervention in Syria supported regional risk sentiment.
Notable events during the week include Australia closing at a more than five-year high on Wednesday and the Shanghai Composite enjoying its biggest percentage gain so far in 2013 on Monday.
The U.S. dollar managed to claw back some of its overnight losses against its Japanese counterpart in Asian trade — last at ¥99.63, compared with ¥99.53 late Thursday in New York.
General contractors were among the most heavily traded stocks in Tokyo amid lingering Olympic enthusiasm. Sumitomo Mitsui Construction Co. rose 4.6%, Tekken Corp. fell 1% and Daiho Corp. was down 0.7%.
Convenience store operator Seven & I Holdings Co. moved 0.7% higher after a Nikkei report said that the firm’s consolidated operating profit for the fiscal half year ending Aug. 31 will probably rise to a record high.
Gold fell another 0.3% in Asia to $1,326.30 U.S. an ounce, after a 2.5% overnight selloff. Shares in regional gold miners followed the price of the precious metal lower: Newcrest Mining lost 2.8% in Sydney, Zhaojin Mining Industry Co. and Zijin Mining Group Co. lost 6.7% and 3.8%, respectively, in Hong Kong
CHINA
The sharpest losses were recorded in China, where the Shanghai Composite fell as cyclical shares that have rallied in recent sessions pulled back.
The Shanghai Shenzhen CSI 300 dropped 18.56 points, or 0.7%, to 2,488.90
Firms that have surged in recent sessions on expectations of greater profits from the forthcoming Shanghai Free Trade Zone also retreated on Friday: Shanghai International Port (Group) slid 4.6%.
In other markets;
The Taiex Index in Taiwan fell 57.16 points, or 0.7%, to 8,168.20
Korea’s Kospi Index skidded 9.74 points, or 0.5%, to 1,994.32
The Singapore Straits Times Index gave back 0.78 points, or 0.4%, to 3,120.30
In New Zealand, the Exchange 50 Gross Index added 9.44 points, or 0.2%, to 4,650.94
In Australia, the S&P/ASX 200 slumped 22.91 points, or 0.4%, to 5,219.63
