Many investors in Asian stock markets took to the sidelines Friday as they waited for U.S. corporate earnings, with major indexes ending mixed in a narrow range. In the foreign-exchange market, the Australian dollar continued its recent rally.
In Tokyo, the Nikkei 225 soldiered ahead 18.91 points, or 0.2%, to wrap up the week at 10,257.56.
In Hong Kong, the Hang Seng index faded 69.18 points, or 0.3%, to 21,929.90.
News drove some big swings in a handful of individual stocks. Shares of United Minerals rocketed higher in Sydney on a friendly takeover offer from BHP Billiton, while Japan Airlines plunged on concerns about its recovery plan.
In Sydney, United Minerals surged 39.6% after a 204-million-Australian-dollar ($186 million U.S.) takeover bid from BHP Billiton. BHP gained 0.8%.
CityIndex institutional dealer Colin Barrett said investors were waiting to see if the Dow Jones Industrial Average can stay above 10,000 after General Electric and Bank of America report results later Friday.
Oil-related shares were among the gainers in Japan, while a weaker yen helped technology exporters. Inpex Corp. climbed 1.4%, with Sony Corp. rising 1.9% and Panasonic advancing 1.8%.
Japan Airlines shares plunged 11.4% in Tokyo as the financially-strapped airline worked to come up with a viable restructuring plan.
Debt-laden rural services company PGG Wrightson was a standout in New Zealand, jumping 20% after announcing a strategic partnership with China's Agria, under which Agria will become its new cornerstone investor.
South Korean shares edged lower after seesawing, as gains in commodity-related stocks were offset by losses in techs, autos and steelmakers. The recent rapid rise in the Korean won also caused some concern for exporters. Posco rose 1.1%, with SK Energy gaining 1.3%. But Samsung Electronics slumped 3.7% and Hyundai Motor sank 4.9%.
LG Display fell 4.2% after the flat-panel maker signaled a weaker profit in the current quarter.
In currencies, the Australian dollar climbed further to 92.24 cents U.S. after earlier rising as high as 92.69 cents U.S., its strongest level since August 2008. Goldman Sachs JBWere upgraded its forecasts and now expects the Australian dollar at 95 cents U.S. in three months, from a previous call of 87 cents.
"On virtually every... determinant, the Australian dollar looks set to move higher," the analysts wrote.
The euro was buying $1.4913 U.S. compared with $1.4920 U.S. late in New York. Against the yen it was at 135.80 yen, up from 135.32 yen. The U.S. dollar was higher against the yen, at 91.09 yen compared with 90.70 yen.
CHINA
The Shanghai’s 300 Composite Index nipped ahead 2.07 to 3,241.71, on concerns that the imminent launch of the Growth Enterprise Market, a Nasdaq-style board, will divert cash from current stocks.
Banks led the decline in Chinese stocks, with Industrial & Commercial Bank of China, Bank of China and China Construction Bank sliding 1.2% each in Shanghai. In Hong Kong, they fell 1.6%, 1.8% and 1.2%, respectively.
Elsewhere:
Taiwan’s Taiex index gained 4.70 points to 7,715.10
Singapore’s Straits Times index slid 4.03 points, or 0.2%, to 2,708.12
Korea’s Kospi index fell 18.63 points, or 1.1%, to 1,640.36
New Zealand’s NZX 50 Index added 15.91 points, or 0.5%, to 3,207.20
Australia’s S&P/ASX 200 finished 23.50 points, or 0.5%, lower at 4,836.40
