Asian markets were mixed on Friday, with Hong Kong edging higher, while Australia gave up a large chunk of the hefty gains it made in the previous session.
Japan’s Nikkei 225 index settled 11.74 points, or 0.1%, to 15,349.12. The yen was steady in Asian trade, last changing hands at ¥101.92 to the U.S. dollar compared with ¥101.94 late Thursday in New York.
The Hang Seng Index in Hong Kong moved up 26.33 points, or 0.1%, to 23,149.06
Thursday’s Japanese stocks were the best performers in Asia this week, with Tokyo gaining 1.7% since the previous Friday.
The sharp gains in the Nikkei Average, which closed at a near five-month high on Thursday, reflect a favorable view among global investors of Prime Minister Shinzo Abe’s corporate-tax cut and other structural changes being rolled out this month. Abe is set to formally release his growth strategy as soon as Tuesday.
Australian indices gave up more than half of the 1.6% rise it enjoyed on Thursday in light of the U.S. Federal Reserve’s commitment to low interest rates and Chairwoman Janet Yellen’s relatively upbeat assessment of the U.S. economy.
In corporate news, gold miners shot higher after the spot price of the precious metal jumped 3.4% overnight. Newcrest Mining Ltd. added 4% in Sydney and Zijin Mining Group Co. Ltd. gained 2.9% in Hong Kong.
Also in Hong Kong, Tianhe Chemicals Group Ltd. lost 0.6% in its debut trading after the specialty chemicals manufacturer raised $654 million U.S. in an initial public offering.
CHINA
The Shanghai CSI 300 improved 9.82 points, or 0.5%, to 2,126.91,
Preliminary manufacturing data from China, scheduled for release on Monday, in recent months have supported a view that the Chinese economy has hit its trough.
Société Générale expects a third successive increase in the gauge, to 49.7 from 49.4. A figure below 50 indicates a contraction in the sector, while above 50 signals expansion.
In other markets;
In Korea, the Kospi index faded 23.96 points, or 1.2%, to 1,968.07
Singapore’s Straits Times Index dropped 10.22 points, or 0.3%, to 3,258.80
In Taiwan, the Taiex index lost 43.02 points, or 0.5%, to 9,273.79
In New Zealand, the NZX 50 slid 47.12 points, or 0.9%, to 5,145.03
Australia’s S&P/ASX 200 dumped 48.73 points, or 0.9%, to 5,419.48
