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Asian investors shrug off surge on Wall Street

Asian stocks closed mostly lower on Friday with investors shrugging off another record performance by Wall Street and instead focusing on regional issues.

Weaker than expected economic data in Japan resulted in Tokyo falling 0.17 percent and this, with growing fears that China will tighten monetary policy to rein in its booming economy, weighed on broader regional sentiment.

Falling commodity prices resulted in Sydney dropping 0.98 percent. Manila was down 0.95 percent and Mumbai slumped 2.25 percent, both on profit taking.

However, Jakarta maintained its winning ways, notching up a 0.18 percent gain and another record high, while Wellington rose 0.16 percent and Bangkok advanced 0.63 percent amid some caution ahead of anti-government rallies.

TAIPEI

Share prices closed at the day's low, down 0.63 percent, as early gains driven by another record in the Dow Jones Industrial Average overnight gave way to profit-taking.

Dealers said uncertainty about the financial health of local companies scheduled to report their results by the end of the month also kept investors sidelined, while profit-takers took advantage of earlier gains on prospects of a recovery in the technology sector.

The weighted index closed down 50.62 points at 7,949.42. Turnover was NT$91.78 billion (US$2.76 billion).

TOKYO

Share prices closed slightly lower on Friday after soft domestic economic data offset the impact of another record finish on Wall Street.

Dealers said investors squared their positions before Japan enters the Golden Week holidays beginning this weekend.

The NIKKEI-225 index shed 28.76 points to 17,400.41.

Ahead of the opening bell, Japan said consumer prices fell for the second straight month and that industrial output unexpectedly dropped.

HONG KONG

Share prices closed 0.68 percent lower as investors locked in profits amid expectations China could take economic tightening measures during Labor Day holidays next week.

Dealers said there was also some selling activity linked to the expiry of April futures contracts.

China CITIC Bank posted strong gains on its debut but it lagged its A-share gains on the mainland.

The Hang Seng Index closed down 140.79 points at 20,526.50.

SEOUL

Shares closed 0.68 percent lower on Friday on profit-taking, with sentiment depressed by weaker than expected industrial output data. The KOSPI index fell 10.61 points to 1,542.52.

SHANGHAI

Shares prices closed 0.61 percent lower, coming off record highs as institutional investors booked profits ahead of next week's Labour Day holidays.

Dealers said property and steel stocks were lower, while banks also fell despite very strong gains for CITIC Bank on its debut in Shanghai after the world's biggest Initial Public Offer (IPO) so far this year. The Shanghai Composite Index lost 23.20 points at 3,759.87.

SYDNEY

Share prices slumped almost 1.0 percent as investors took profits after a sharp reverse in commodity prices overnight.

The SP/ASX 200 dropped 60.6 points to 6,151.6.

MUMBAI

Indian hare prices fell 2.25 percent, snapping five straight days of gains, on weak Asian trends as investors locked in gains.

Dealers said investors chose to book profit ahead of the weekend after higher full-year earnings for most Indian companies reported this month.

The Mumbai 30-share SENSEX fell 320.3 points to 13,908.58.
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