Asia stocks ended generally higher Friday, rebounding from recent losses, though gains were capped by investors' caution after a volatile trading week and ahead of key Japanese growth data early next week.
Japan’s Nikkei 225 Index regained 40.57 points, or 0.4%, to 9,253.06, to end its losing streak at five sessions.
Hong Kong’s Hang Seng Index slumped 34.14 points, or 0.2%, to 21,071.57
Investors in Japan are looking to data on economic growth for the fiscal first quarter, due out Monday. The figures are expected to show the gross domestic product expanded 2.3% on an annualized basis during the quarter ended in June, easing from a 5% growth rate in the prior quarter, according to a survey of analysts by Dow Jones Newswires.
In Japan, shares shook off initial weakness, though gains lacked conviction as investors looked to see if authorities would take concrete action to weaken the yen.
Auto shares came under scrutiny as investors noted the risk of a stronger yen over the longer term, with Honda Motor shedding 0.3%. Toyota Motor Corp. ended unchanged.
Among other exporters, Sony added 1.9% as Tokyo Electron shares closed up 2%, gaining after Goldman Sachs raised its rating to buy, citing medium-term growth prospects from the company's pending integration with Panasonic Electric Works and Sanyo Electric.
Shares of Dai-ichi Life Insurance closed down 4.5% after hitting yet another all-time low, following a J.P. Morgan downgrade to a neutral rating.
In Sydney, telecom heavyweight Telstra had the effect of limiting overall gains as its shares dropped 0.7%, extending Thursday's 9.5% drop when it released a forecast for the fiscal year that was 15% to 20% below consensus. A host of brokerage firms cut target prices on the stock.
Resource stocks underpinned market gains in Sydney, tracking rises in their U.S. peers on firmer metal prices. BHP Billiton was up 1.9% as Rio Tinto added 2.3%
In South Korea, bargain hunters were active after the Kospi's 2.1% fall on Thursday. Hynix Semiconductor was up 2.1%, a partial recovery after having fallen 7.2% between Monday and Thursday.
Hong Kong-listed Li & Fung advanced 0.8% after the company, which sources products for clients such as Wal-Mart, said first-half net profit rose 55% from a year earlier.
Shares of Hutchison Whampoa rose 2.6%, helped by news that Chairman Li Ka-shing boosted his stake by investing about 900 million Hong Kong dollars ($115.8 million U.S.) to purchase more than 15.3 million shares in the three trading sessions following the announcement of first-half results. The billionaire's stake in the company thus increases to 52.28%.
Casino-resort operator Genting Singapore shares rallied 12.5%. The company reported results showing it swung to a second-quarter net profit, helped by revenue from the first full quarter of operation of its Singapore gambling operations.
Citigroup advised investors to buy the stock following the results' announcement, a move that was echoed by other brokerage firms. CLSA said it was also upbeat as the new Singapore property had yet to fully tap the region's tourism potential.
The dollar was at 85.95 yen, from 85.90 yen late in New York, while the euro was at 110.44 yen, from 110.23 yen. The euro changed hands at $1.2854 U.S., from $1.2833 U.S.
Elsewhere;
Shanghai’s CSI 300 Index gained 39.16 points, or 1.4%, to 2,855.55
Singapore’s Straits Times Index tacked on 12.93 points or 0.4%, to 2,939.97
Korea’s Kospi index picked up 24.49 points, or 1.4%, to 1,746.24
Taiwan’s Taiex Index reacquired 61.79 points, or 0.8%, to 7,891.58
New Zealand’s NZX index inched ahead 8.22 points, or 0.3%, to 3,015.13
Australia’s S&P/ASX 200 gathered 58.70 points, or 1.3%, to 4,459.60
