Asian stock markets saw a mixed finish Friday, with buying interest modest in some markets as caution prevailed ahead of crucial U.S. jobs data due later in the day, and as investors continued to show concern over China's economic growth.
Tokyo’s Nikkei 225 slipped 13 points, or 0.1%, to 9,901.18
In Hong Kong, the Hang Seng index stumbled 6.64 points to 19,780.07
The Tokyo market weakened after briefly rising on news the Democratic Party of Japan elected Naoto Kan as its new party chief. Mr. Kan -- who as finance minister has advocated a weak yen to help exporters -- was then elected as Japan's new prime minister, after Yukio Hatoyama resigned Wednesday
Exporters ended the session on a mixed note. Sharp Corp. climbed 0.4% and Canon Inc. added 0.7% while Toyota Motor Corp. shed 0.2% and Nissan Motor Co. fell 1.2%.
Fuji Heavy Industries Ltd. outperformed the market, up 7% on a Nikkei report that the company expected to post record operating profits from North America this fiscal year, thanks to brisk sales and more streamlined production.
Hong Kong's market suffered from volatility, finally ending almost unchanged after the Hang Seng index's 1.6% rise Thursday. Resource plays were among the decliners. Cnooc Ltd. fell 1% and Aluminum Corp. of China closed down 1.7%. The stocks rose 3% and 3.4% respectively Thursday.
Material and financial stocks declined in Sydney. BHP Billiton Ltd. lost 2.3%, Rio Tinto Ltd. fell 2.1%, and in the banking sector, Australia & New Zealand Banking declined 0.5% while Westpac Banking Corp.ended 1.4% lower.
Even so, some of the more defensive stocks outperformed, with AGL Energy Ltd. up 0.4%, CSL Ltd. 2.8% higher and Santos Ltd. up 1.7%.
South Korean shares finished higher. The Bank of Korea said Friday that the country's first-quarter gross domestic product grew a revised, seasonally adjusted 2.1% from the previous quarter, higher than the 1.8% rate estimated by the central bank in late April. That strengthens the view that the nation remains on track for stronger growth this year.
Technology stocks were among the gainers, with Hynix Semiconductor Inc. up 6% and Samsung Electronics Co.adding 2.1%. LG Display Co. climbed 2.4% after the company said it will team with two Taiwanese companies, Everlight Electronics Co. and Amtran Technology Co., to set up a $30-million U.S. joint venture in China.
In Taipei, shares of Everlight fell 1.8% and Amtran lost 0.8%.
In foreign exchange markets, the Japanese yen was slightly lower against the dollar and euro after Kan's election to be leader of the Democratic Party of Japan, and his imminent selection as prime minister. The U.S. data due later was keeping majors in tight ranges, though.
The euro was fetching 113.08 yen from 112.63 yen late in New York on Thursday and $1.2195 from $1.2156. The dollar was buying 92.76 yen compared with 92.64 yen
CHINA
Shares in China were mixed as heavyweight banks pared earlier losses, which had come amid pressure from the imminent launch of Agricultural Bank of China's initial public offering.
Shanghai’s CSI 300 regained 8.32 points, or 0.3%, to 2,744.39
The bank is seeking to raise between $20 billion and $30 billion U.S. in an IPO ahead of a mid-July listing in Hong Kong and Shanghai.
In Shanghai, China Construction Bank Corp. fell 0.6% and Bank of China Ltd. lost 1.6%. Their Hong Kong-listed shares fell 0.2% and ended flat, respectively.
Elsewhere;
Singapore’s Straits Times Index picked up 13.04 points, or 0.5%, to 2,806.51
Korea’s Kospi index added 2.29 points, or 0.1%, to 1,664.13
Taiwan’s Taiex index slumped 15.69 points, or 0.2%, to 7,344.59
New Zealand’s NZX 50 Index tacked on 6.03 points, or 0.2%, to 3,030.14
Australia’s S&P/ASX 200 dumped 36.60 points, or 0.8%, to 4,449.40
