Shares of BHP Billiton jumped Friday to push Australian equity indexes into the positive territory for the day as well as the week, after local media reported that China has approached an Australian fund in what would be a multibillion-dollar attempt to buy a 9% stake in the mining giant.
Japan's Nikkei 225 index slid 0.2 per cent to 14,219.48 after climbing more than 4 per cent in the previous four sessions.
Electronics and precision equipment makers lost ground, with Sony Corp. shedding 2.1 per cent and Nikon 1.8 per cent. NEC Corp. slid 2.4 per cent, although it said on Thursday its net profit more than doubled last fiscal year.
Japanese bank shares advanced, led by Mizuho Financial Group. The bank said group net profit for the last fiscal year was halved to 311.22 billion yen because of a large subprime mortgage-related losses. But the results assured many investors that nearly all the bad news was out. Mizuho's shares rose 2.2 per cent.
On the economic front -- Japanese data showed the country's economy grew a faster-than-expected 0.8% in the first quarter, marking its third quarterly expansion amid strong exports and a rebound in private residential investment.
In Hong Kong, investors were heartened by overnight gains on Wall Street. The blue-chip Hang Seng Index climbed 105.15 points, or 0.4 per cent, to 25,618.86.
Li Ka-shing's property flagship Cheung Kong jumped 3.3 per cent after Citigroup raised its target price to HK$140.81 from HK$134.19.
In contrast, Sun Hung Kai Properties fell 1.7 per cent amid a legal feud between Chairman Walter Kwok and his two younger brothers over the company's management. Sun Hung Kai is Hong Kong's biggest property developer by market capitalization.
In China, the benchmark Shanghai Composite Index dipped 0.4 per cent to 3,624.23. Electrical utilities dropped as investors cashed in on gains made earlier in the week from speculation over possible increases in rates following the deadly earthquake in Sichuan province.
Sichuan Mingxing Electric fell 6.7 per cent and Chongqing Jiulong Electric Power dropped 6 per cent. Both companies had surged by the 10 per cent daily limit on Thursday.
Steel shares also fell following recent gains. Shanghai-based Baoshan Iron & Steel fell 1.5 per cent; Wuhan Iron & Steel fell 1.3 per cent.
But steelmaker Chongqing Iron & Steel gained 6.88 per cent -- reflecting expectations that the company will benefit from its location near the earthquake zone. Chongqing municipality borders Sichuan.
Elsewhere:
Singapore's Straits Times index advanced 1.3% to 3,248.47.
New Zealand's NZX 50 index moved 1.2% higher to 3,657.20.
Taiwan's Weighted index firmed up 0.4% to 9,197.41.
South Korea's Kospi added 0.2% to 1,888.88.
Australia's S&P/ASX 200 index hit a session high of 5,971.30.
with files from other wire services
