Asian stocks closed mixed on Friday as investors paused for breath after another week of record finishes and multi-year highs brought in the new year, dealers said.
They said the markets basically continued where they left off last year after getting a key boost from signs US interest rates are close to peaking out even as economic growth continues strong and inflation remains contained.
There are few concerns too about oil prices which should begin to ease later in the first quarter as the season of peak demand in the Northern Hemisphere winter passes.
There was some limited profit-taking but overall the markets were winding down ahead of the key US employment data due later on Friday, with most expecting another solid report to give investors a strong lead for tomorrow.
On the day, Seoul which gained 1.24 percent to finish well above the key 1,400 points level, and Jakarta, which closed 0.93 percent higher, were both in record-breaking form while Mumbai added 0.23 percent to fall just short.
Taiwanese share prices closed 0.22 percent lower as profit-taking wiped out early gains driven by the NASDAQ's strong showing, dealers said.
They said weakness in the Taiwan dollar may have reflected foreign investors taking some cash off the table after recent sustained gains but added that on the day the downturn was not that significant.
The TAIEX shed 15.05 points to 6,694.82, off a high of 6,761.01 and a low of 6,676.65, on turnover of NT$169.83 billion (US$5.27 billion). Declines led gains 625 to 445, with 144 stocks unchanged.
"Investors simply took profits rather than any make any decisive exit from the bourse," said William Wang, senior vice president with International Investment Trust (
"They pocketed profits from some stocks and shifted funds to others that were laggards in the recent upswing," he said, adding that trading was dominated by such rotational moves.
Tokyo
Japanese share prices closed little changed as many investors sat on the sidelines ahead of keenly waited US employment data as well as a three-day weekend in Japan, dealers said.
They said technology stocks received a boost from a rise in the US tech-rich NASDAQ index which hit its highest close since May 2001 but profit-taking in many other sectors weighed on the main indices.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index added 2.84 points to 16,428.21, the highest close since Sept. 20, 2000.
The broader TOPIX index of all first-section shares shed 0.25 points to 1,684.90.
Many were keenly awaiting Friday's US jobs data "which could impact the current pace of US interest rate hikes," said Hitoshi Yamamoto, chief fund manager of Commerz International Capital Management (Japan).
Investors were looking for further clues on whether the US Federal Reserve may soon halt its series of interest rate increases, as suggested by the minutes from the central bank's Dec. 13 meeting published this week.
South Korean shares rose 1.24 percent for another record finish, with Samsung Electronics and other IT stocks rebounding sharply after gains on NASDAQ, dealers said.
They said government efforts to counter a strengthening won, which could make exports more expensive, may have helped sentiment after the gains in the currency hit sentiment Thursday.
The KOSPI index added 17.27 points at 1,412.78, the high for the day. The intraday low was 1,395.26.
The won closed weaker on Friday at 988.10 won to the US dollar, down from Thursday's close of 987.30, but it was well off lows of around 993 seen just after the government measures were announced.
Hong Kong share prices closed 0.48 percent higher, extending the strong run seen so far in the new year on continued positive sentiment arising from easing interest rate worries, dealers said.
They said speculative interest in Chinese stocks also helped the market end the day in positive territory after profit-taking resulted in a flat finish for the morning session.
The Hang Seng Index closed up 73.31 points at 15,344.44, of a low of 15,252.48 and a high of 15,347.00. The index gained 468 points or 3.15 percent for the week.
"Trade was a bit sticky in the morning as there was some profit-taking but the market quickly picked up again as funds continued to flow into the market," said Castor Pang, strategist at Sun Hung Kai Financial Group.
The property sub-index closed up 86.91 points or 0.46 percent at 18,884.93.
Shanghai
Shanghai share prices closed 1 percent higher in heavy trading on strong follow-through interest, with tourism firms and power generators in focus as investors rotated through the market, dealers said.
They said sentiment has clearly been encouraged by government measures to make it easier for foreign investors to buy A-shares and even if there are still conditions attached, they stand as another advance towards wider reform.
The Shanghai A-share Index added 12.59 points to 1,271.30, while the Shenzhen A-share Index was up 2.09 points or 0.70 percent at 302.47.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, rose 12.15 points or 1.02 percent at 1,209.42, for its best close since Sept. 20.
Australian share prices closed 0.47 percent lower as investors took profits on mining stocks after metal prices fell overnight, dealers said.
They said market heavyweights BHP Billiton and Rio Tinto led the market down, with the S&P/ASX 200 off 22.6 points to 4,791.1, further retreating from Wednesday's record finish of 4,820.3.
The broader All Ordinaries Index was down 21.5 points at 4,736.4.
Singapore share prices closed 0.71 percent higher, extending gains above the key 2,400 points level led by the banks, dealers said.
The Straits Times Index rose 16.99 points at 2,420.74, after closing above 2,400 points for the first time in five years on Thursday.
Malaysian share prices closed 0.55 percent higher on continued buying by institutional funds, which are accumulating Asian stocks in hopes the credit tightening cycle in the US is coming to an end, dealers said.
The Kuala Lumpur Composite Index was up 5.01 points at 911.67 on volume of 615.02 million shares.
Thai share prices closed 0.82 percent higher, supported by continued foreign investor interest in the larger banks, dealers said.
The Stock Exchange of Thailand (SET) composite index gained 6.06 points to 747.34 points and the bluechip SET 50 index rose 3.88 points to 528.20.
Indonesian share prices closed up 0.93 percent at another record high as a stronger rupiah revived interest in banks, dealers said.
The Jakarta Stock Exchange composite index rose 11.249 points at 1,222.249.
Philippine share prices closed 0.80 percent lower as investors took profits, snapping a three-day rally that drove the main index to its highest level in 10 months, dealers said. The composite index lost 17.14 points to 2,133.79 after trading between 2,132.05 and 2,157.18.
New Zealand share prices closed 0.33 percent lower following a lackluster session at the end of a holiday-shortened week, dealers said. The benchmark NZSX-50 gross index fell 11.01 points to 3,364.96.
Indian share prices rose 0.23 percent to close just short of the record high on continued foreign investor interest, dealers said. The Mumbai 30-share SENSEX index added 22.55 points to 9,640.29.
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