Asian stocks closed mixed on Friday after late profit taking eroded earlier gains made on the back of another buoyant performance by Wall Street overnight.
Shanghai was among the best of the day with a 1.13 percent gain, Wellington was up 1.22 percent, Sydney rose 0.8 percent, Taipei advanced 0.32 percent and Tokyo ended up 0.52 percent. Mumbai was 0.86 percent higher.
Singapore was little changed, Hong Kong slumped 2.42 percent, Seoul shed 1.0 percent, Kuala Lumpur eased 0.4 percent, Jakarta fell 0.6 percent and Bangkok was off 0.45 percent.
Gains across Asia were unconvincing as benchmarks nudged closer to technical resistance levels, prompting investors to lock in some of their gains ahead of the weekend.
TAIPEI
Taiwan share prices closed 0.32 percent higher as late selling pared early gains inspired by Wall Street's performance.
The weighted index closed up 27.97 points at 8,722.38 on turnover of NT$115.08 billion (US$3.56 billion).
An increase in the amount of purchases by foreign investors on Thursday boosted the market in early trade. Net selling by foreigners had battered the Taipei bourse in recent weeks, dealers said.
But profit-taking and loss-cut pressure emerged in late trade given lingering global economic uncertainties.
Michael On (
TOKYO
Japanese share prices closed up 0.52 percent at a one-month high as investors took heart from a White House plan to help struggling US homeowners.
But dealers said shares ended below the key 16,000 point level as profit-taking emerged in late trade ahead of key US jobs data.
Exporters were supported by a softer yen.
The Nikkei-225 index gained 82.29 points to 15,956.37. Volume traded rose to 2.18 billion shares from 1.9 billion on Thursday.
But shares ended off their highs of the day amid jitters.
"Investors are still uncertain about the [US non-farm payrolls data] and whether the government rescue plan will work," said Masatoshi Sato, a senior strategist at Mizuho Investors Securities.
HONG KONG
Hong Kong share prices reversed early gains to close 2.42 percent lower on profit-taking in local properties and banks following recent strong gains.
Dealers said investors factored in recent good trading leads including rate cut hopes and thought it a good time to lock in profits ahead of the weekend after the key index gained more than 2,000 points in the past seven trading days.
The Hang Seng index closed down 716.45 points at 28,842.47. Turnover was HK$140.12 billion (US$18 billion).
"The market closed sharply lower with properties and banks leading the major falls as investors took profit after the recent rally," DBS sales director Peter Lai said.
"After the 2,000-point gain [over the past] seven sessions, investors turned cautious and preferred to lock in gains ahead of the weekend," he said.
SYDNEY
Australian share prices closed up 0.8 percent, tracking gains on US markets.
The S&P/ASX 200 closed up 53.8 points at 6,654.7.
Volume traded was 1.8 billion shares valued at approximately A$5.48 billion (US$4.8 billion).
"We have seen a level of confidence creeping back into the market today, particularly in the financial sector," said Matt Lewis, a senior dealer at CMC Markets.
"Traders are seemingly optimistic about US regulators' plan to limit subprime defaults. This bodes well, with all the big four banks showing gains," he said.
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