Asian markets headed into the weekend on a mixed note Friday, with financial stocks sagging after a pullback on Wall Street, while a surge in commodity prices overnight boosted resource stocks across the region.
With Japanese markets closed for a holiday and Dow Jones Industrial Average futures pointing lower, some of the recent euphoria over the U.S. Federal Reserve's decision to buy longer-dated Treasurys was replaced by caution.
For the week, Japan's Nikkei 225 Average gained 5% in the week to Thursday.
Hong Kong's Hang Seng Index fell behind 297.41 points or 2.3% to 12,833.51
Financials declined as investors locked in profits after recent gains. National Australia Bank fell 2% in Sydney, Shinhan Financial Group lost 2% in Seoul and United Overseas Bank fell 0.9% in Singapore afternoon trading.
Mining and energy-related companies were buoyed by gains in prices for base and precious metals as well as crude oil. April crude-oil futures ended above $50 a barrel and gold prices climbed more than 8% in New York Thursday.
Rio Tinto and BHP Billiton jumped 3% in Sydney, Korea Zinc surged 9.8% in Seoul and Cnooc added 1.2%. Aluminum Corp. of China climbed 2.3% in a downbeat Hong Kong.
Macquarie Airports tumbled 8.2% after saying passenger traffic continued to decline across its portfolio of global airports in February, with traffic at the Sydney Airport down 7.8% from a year ago.
Shares of Alibaba.com plunged 12.4% in Hong Kong a day after it reported weak earnings. Citigroup downgraded the stock to a sell Friday.
Chemicals maker Nuplex Industries plummeted 52.3% in New Zealand, as trading resumed trade after it announced a 132.8-million-New-Zealand-dollar ($74.4 million U.S.) capital-raising through a seven-for-one rights issue.
Recent strength in the New Zealand dollar was curbing export-linked stocks, with Fisher & Paykel Healthcare down 4.4% and Rakon off 4.7%.
CHINA
In Shanghai, despite Friday's slight drop, the Shanghai Composite finished the week with solid gains of more than 7%. Expectations of government-led infrastructure construction lifted resource stocks, with Jiangxi Copper surging 10%.
Elsewhere:
China’s Shanghai Composite Index lost 2.73 points, or 0.1% at 2,379.84
Singapore’s Straits Times Index inched ahead 12.06 or 0.8%, to 1,596.92
South Korea’s Kospi Composite Index gained 9.13 points, or 0.8%, to 1,170.94
Taiwan’s Taiex Index slid 74.31 points, or 1.5% to 4,961.62
New Zealand’s NZX Index was 34.18 points, or 1.3% lower at 2,599.03
Australia's S&P/ASX 200 index tailed off 14.40 or 0.4% to 3,465.80
