Asian markets ended mixed in choppy trading Friday as investors remained cautious ahead of U.S. jobs data and on deepening concerns of an economic slowdown.
Japan’s Nikkei 225 average gained back 12.11 points, or 0.1%, to 9,203.71, snapping a five-session losing streak
Hong Kong’s Hang Seng index, however, tumbled 223.67 points, or 1.1%, to 19,905.32
Japanese stocks inched higher as bargain buyers scooped up exporters that had recently been heavily sold. The buying was fueled by the U.S. dollar's rise from Thursday.
Shares of Canon rose 1.1%, helped also by Mizuho Securities' upgrade to outperform from a neutral rating previously, while Kyocera added 0.9% and Sony rose 0.6%.
Toshiba gained 1.6%, rising as the company said that it's jointly developing car battery systems with Mitsubishi Motors, and that it hopes to eventually supply rechargeable lithium-ion batteries for use in the auto maker's electric cars. Mitsubishi shares ended unchanged.
Australian shares ended flat, offsetting weakness in energy producers after an overnight drop in crude-oil prices.
This came on the heels of the government announcing a compromise for its controversial tax on Australian mining projects. The revision offers the industry major concessions compared to the original draft.
In Australia, the mining-tax revision is a big win for the industry, said at least one expert.
The changes should remove somewhere between a third to half of the impact of the original tax proposal on a company like BHP Billiton , he noted, adding that the original tax proposal had foreign investors worrying about the potential for the government to make more surprise tax and regulatory changes.
Shares of Rio Tinto rose 0.3% and Fortescue Metals Group climbed 2%, while Alumina added 0.7%.
Regional energy companies' shares broadly declined after crude prices ended below $73 U.S. a barrel on the New York Mercantile Exchange.
Santos lost 1.1% and Woodside Petroleum shed 2.2% in Sydney, while Cnooc Ltd. tumbled 3.3% and China Petroleum & Chemical Corp., also known as Sinopec, gave up 2.2% in Hong Kong.
Most gold producers also sustained losses. Gold prices fell Thursday and as lingering concerns weighed over slowing global demand after weaker-than-expected economic data out of the U.S. and China recently.
Shares of Zhongjin Gold tumbled 4.9% and Shandong Gold-Mining sank 4.6% in Shanghai, with Zijin Mining Group skidding 3.2% in Hong Kong, Newcrest Mining losing 3.2% in Sydney and Sumitomo Metal Mining shedding 0.9% in Tokyo.
Also lower, shares of Aluminum Corp. of China fell 3.2% in Hong Kong after announcing the termination of a planned bauxite-mine investment in Australia due to "various unfavorable factors" and on reports it had cut alumina spot prices by 7%.
In Seoul, shipbuilders and steelmakers advanced although broad market demand was subdued.
Posco rose 1.3% and Hyundai Heavy Industries Co. added 3% on bargain-hunting after recent losses. Samsung Heavy Industries added 2.4% after winning a 1.27 trillion-won ($1.03 billion U.S.) order to build 10 container ships in Asia.
However, GS Engineering tumbled 4.4% on news its 1.42 trillion-won South Pars gas plant project in Iran had been cancelled due to sanctions by the United Nations against Teheran.
Elsewhere;
Shanghai’s CSI 300 Index inched ahead 8.03 points, or 0.3%, to 2,534.10
Singapore’s Straits Times Index gained 23.84 points, or 0.9%, to 2,844.19
Korea’s Kospi index fell back 14.42 points, or 0.9%, to 1,671.82
Taiwan’s Taiex Index moved higher by 76.68 points, or 1.1%, to 7,330.74
New Zealand’s NZX index added 4.29 points, or 0.2%, to 2,938.11
Australia’s S&P/ASX 200 put on 1.20 points to 4,238.70
