The Hang Seng Index closed up 54.93 points at 12,238.03, off a low of 12,223.87.
Bank of East Asia succumbed to profit-taking after its results announcement. The bank reported net profit rose 26.2 percent to HK$1 billion (US$100 million) in the first half due to a sharp drop in provisions. The stock closed down 0.7 at HK$22.10, after reaching a high of HK$23.
"Selective buying of major stocks [that are] due to announce results next week has supported the index. But profit-taking in Bank of East Asia following its results and in property stocks, trimmed the gains," said Conita Hung, head of research at Delta Asia Securities.
Hung predicted further downside for property shares in the near-term amid concerns that local banks are under pressure to raise interest rates.
The TAIEX closed 1.33 percent higher on Friday, boosted by tech-led gains on Wall Street overnight and strong prospects for the semiconductor industry in the second half of the year, dealers said.
The TAIEX closed up 70.91 points at 5,420.57 on turnover of NT$55.31 billion (US$1.62 billion).
Chinese share prices closed 1.52 percent lower in Shanghai as petrochemical stocks tumbled amid worries Exxon Mobil Corp would sell down its stake in Sinopec, dealers said.
The Financial Times reported last week that Exxon Mobil Corp is looking at selling at least part of its stake of 3.65 percent in Sinopec, Asia's largest refiner, through a placement on the market. Sinopec confirmed Exxon was now clear to dispose of its holding although it was unaware of any imminent plan to do so.
The Shanghai A-share Index fell 22.38 points to 1,454.30 on turnover of 5.83 billion yuan (US$704.11 million) while the Shenzhen A-share Index was down 6.05 points or 1.62 percent at 366.31 on turnover of 3.72 billion yuan.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, closed down 21.13 points, or 1.50 percent, at 1,386.20 on turnover of 5.87 billion yuan.
"Exxon has the right to sell it at any time now, as the lock-up period for its stake has already expired," said Sinopec's Beijing spokesperson Huang Wensheng.
Australian share prices surged 1 percent in Sydney as the resource sector responded to strong interim results from mining giant Rio Tinto, dealers said.
Austock Brokers private client adviser Peter Cuthbertson said the market was cheered by Rio Tinto's profit result after close of business on Thursday, when it said interim net profit rose 55 percent on the back of record iron ore demand from China.
The SP/ASX 200 closed up 34.7 points at 3,536.1, while the All Ordinaries index closed up 33.5 points at 3,546.1. Market volume was 1.09 billion shares worth A$4.10 billion (US$2.87 billion).
Singapore share prices closed flat as caution ahead of the weekend offset strong earnings reports from the city-state's two biggest banks, dealers said. The Straits Times index closed down 0.40 points at 1,891.71, while the All Singapore Equities index edged up 0.78 points to 496.57.
RSS