Asian shares were mixed Friday after Wall Street's modest gains Thursday, with exporters underpinning the Tokyo market while property developers outperformed in China.
The Nikkei 225 index in Tokyo recovered 80.67 points, or 0.8%, to 10,824.72
The Hang Seng Index in Hong Kong picked up 40.15 points, or 0.2%, to 21,370.82.
Investors appeared to be taking in their stride the renewed worries over Greece's debt problems, which were fuelled by talk the country could seek aid from the International Monetary Fund. A senior Greek official said Thursday the government could approach the IMF for assistance during a meeting in early April, although this was denied by the Greek government.
However, many investors were still looking at the bright side. DBS said in a note to clients Asia's output and consumption levels are above pre-crisis levels, while interest rates remain at historical rock-bottom levels.
Australian shares were trading steady in mixed price action. Financials and materials stocks were under pressure, while industrials and healthcare plays were attracting some demand.
Westpac bank was off 0.1% and Rio Tinto was 0.6% lower. The energy sector was up despite weakness in U.S. peers, as Arrow Energy went into a trading halt early in the session amid speculation of a higher bid for the group from the Royal Dutch Shell PLC and PetroChina Co. consortium. The consortium last week made an A$3.3-billion bid for Arrow's Australian assets.
Woodside was up 1.1% and Eastern Star Gas was up 10%.
Japanese exporters were higher, recouping some of Thursday's losses which were triggered by the yen's gains against the euro on fresh concerns over Greece.
Honda Motor was up 1.9% and Toyota Motor rose 1.7%. In the technology sector, Canon advanced 0.5%, Sony tacked on 2.2% and Sharp Corp. added 1.4%.
The Korean market was supported by gains in auto stocks. Hyundai Motor rose 3.1% and Kia Motors was up 2.9% on expectations their U.S. market share will increase following the recent release of new models, and also on improved quality and brand recognition, according to some experts.
Shipbuilders, however, extended their losses on news late Wednesday that a European client had cancelled orders for Hyundai Heavy to build five oil carriers. Hyundai Heavy was down 0.7% and Daewoo Shipbuilding lost 0.5%.
In Hong Kong, China Mobile gained 0.5% after the world's biggest mobile operator by subscribers on Thursday reported its fiscal year net profit rose 2.3% to CNY115.20 billion from CNY112.63 billion a year earlier.
In foreign exchange markets, the euro was steady against the U.S. dollar and the yen after falling Thursday on renewed concerns over Greece's fiscal woes. The single currency was fetching $1.3619 against the dollar, from $1.3611 U.S. in late New York trade, and was at Y123.18 from Y122.94. The dollar was buying Y90.42 compared with Y90.33.
CHINA
Property developers were taking the lead in China after the state-run People's Daily reported Thursday that China's state assets regulator has ordered 78 companies directly owned by the central government to exit the property development business. Poly Real Estate Group was up 2.0% and China Vanke rose 1.5%
Shanghai’s CSI 300 Index progressed 26.32 points, or 0.8%, to end the week at 3,267.56.
Investors were also buying into the property sector as concerns about an imminent rate hike by Beijing faded. Traders said the record amount of three-month bills sold at Thursday's auction suggested Beijing would prefer to tightening liquidity in the financial system, instead of raising the benchmark policy rate. The central bank sold CNY130 billion ($19.06 billion U.S.) worth of three-month bills Thursday.
Elsewhere;
Korea’s Kospi index stepped ahead 10.94 points, or 0.7%, to 1,686.11
Singapore’s Straits Times Index crept up 1.76 points to 2,915.70
Taiwan’s Taiex Index moved upwards 11.57 points, or 0.2%, to 7,897.91
New Zealand’s NZX Index gained 9.72 points, or 0.3%, to 3,230.40
Australia’s S&P/ASX 200 advanced 9.10 points, or 0.2%, to 4,872.20
