Asian stock markets closed mixed Friday as investors sought leads ahead of an action packed weekend which may have a significant impact on oil prices in coming days.
Investors in many major markets expressed caution before this weekend's elections in Iraq which may attract violence that could disrupt oil supplies.
At the same time, Organization of Petroleum Exporting Countries (OPEC) ministers were set to meet in Vienna and were expected to maintain the powerful 11-nation cartel's current production levels despite stubbornly high crude oil prices.
Investors have been right to be cautious as most major markets have failed to deliver the rally that most observers had forecast at the end of last year.
Most noticeably, Wall Street has repeatedly failed to provide local investors with the inspiration to push up regional markets on a consistent basis.
On the day, regional markets had to rely again on local leads to sustain recent rallies. Indonesian shares closed 0.14 percent higher to yet another record on continuing optimism over the country's economic outlook.
Indian share prices closed 2.88 percent higher, their biggest one-day gain in over 12 months, on strong corporate profits and share buying ahead of next month's federal budget.
Share prices in Taiwan closed 0.64 percent higher on the back of futures-related buying and expectations of growing foreign interest, dealers said.
Morgan Stanley January futures contracts on the Taipei index were due to be settled based on the spot market's close on Friday.
Dealers said that local markets would be cautious in coming sessions ahead of an extended break for the Lunar New Year holidays.
The TAIEX closed up 37.17 points at 5,879.93, off a low of 5,836.47 and a high of 5,902.72, on turnover of NT$63.58 billion (US$2 billion). Risers led decliners 605 to 184, with 180 stocks unchanged.
Japanese share prices closed 0.18 percent lower as investors were sidelined ahead of US growth data, an OPEC meeting and the Iraqi elections, dealers said.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index fell 20.73 points to 11,320.58. The broader TOPIX index of all First Section shares lost 1.24 points or 0.11 percent to 1,140.70.
"Profit warnings from major high-tech companies like Kyocera and NEC are making investors more nervous over the outlook for the global technology sector," said Motoshi Tada, market analyst at Yamamaru Securities.
South Korean share prices closed 0.35 percent lower as weak industrial output data for December weighed down shares already undergoing a modest correction, dealers said.
The KOSPI index closed down 3.28 points at 921.59, off a high of 924.91 and a low of 915.74.
Hong Kong share prices closed 0.16 percent higher as investors stayed on the sidelines ahead of the Iraq elections and OPEC meeting over the weekend and an expected rate hike by the US Federal Reserve next week, dealers said.
The Hang Seng Index closed up 21.15 points at 13,650.06, off a high of 13,679.31. The Hang Seng China Enterprises Index was up 19.06 points or 0.41 percent at 4,711.88.
Chinese share prices closed 1.0 percent lower, continuing to slide as automakers were hit after Hunan Changfeng Motors issued a sharp warning on earnings while tourism related stocks ran into profit taking, dealers said.
The Shanghai A-share Index lost 12.86 points to 1,273.98, while the Shenzhen A-share Index was down 4.30 points or 1.35 percent at 315.10. The benchmark Shanghai Composite Index, which covers both A- and B-shares, lost 12.22 points or 1.0 percent at 1,213.67.
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