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.
SHANGHAI
Chinese share prices ended up 1.13 percent, buoyed by a rebound in steel shares on Wall Street.
But dealers said sentiment remained fragile after a government announcement this week that China would shift its monetary policy stance from prudent to "tight" next year to tame inflation and prevent economic overheating.
Other metal stocks also jumped after Canadian miner Northern Peru Copper Corp said late on Thursday that it had agreed to a cash takeover offer of C$455 million (US$450 million) by Jiangxi Copper and state-run China Minmetals Nonferrous Metals Co.
The Composite Index gained 56.68 points to 5,091.76 on a turnover of 71.66 billion yuan (US$9.6 billion).
"The policy shift will have a long-term impact on the economy. The market may continue to fluctuate due to uncertainty over government policy," said Cao Yan, an analyst at Soochow Securities.
SEOUL
South Korean share prices closed 1 percent lower as investors opted to take profits on recent gains after the Bank of Korea kept its key rate unchanged.
Dealers said the market opened firmer on Wall Street's advance, but caution set in at midday as investors turned their attention to key events next week such as the expiry of options and futures contracts for index and individual stocks in Seoul.
The central bank kept its call rate target unchanged at 5 percent for a fourth straight month.
The KOSPI index closed down 18.85 points at 1,934.32. Volume was 355 million shares worth 6.1 trillion won (US$6.6 billion).
"The KOSPI is marching towards the 2,000 level again on improving external conditions, but the momentum may slow next week," Woori Investment Securities analyst Cho Han-Jo said.
SINGAPORE
Share prices in Singapore closed steady, with the Straits Times Index gaining 5.4 points to 3,557.95 on volume of 1.77 billion shares valued at approximately S$2.27 billion (US$1.58 billion).
"We are fairly certain that there will be a cut in the US interest rate, regardless of the employment numbers" for this month coming out later on Friday, Westcomb Securities said in a client note.
KUALA LUMPUR
Malaysian share prices closed down 0.4 percent as investors sold off selected blue chips after the key index hit fresh records three times earlier this week.
The composite index lost 6.35 points to 1,434.04.
BANGKOK
Thai share prices closed 0.45 percent lower on Friday.
Dealers said the Thai market also fell on profit-taking in energy-linked stocks.
The composite index fell 3.80 points to 841.39 on turnover of 1.4 billion shares worth 19.6 billion baht (US$582 million).
"The market was under pressure on modest profit-taking following recent gains in the energy sector," said Sukit Udomsirikul, a Siam City Securities analyst.
Investors sold shares ahead of a long weekend in Thailand.
MANILA
Philippine share prices closed 0.3 percent higher as fears of an economic slowdown in the US eased.
The composite index finished up 11.43 points at 3,745.39. Volume amounted to 1.8 billion shares worth 4.8 billion pesos (US$114.96 million).
Investors were positive about the US plan to deal with the subprime crisis.
"That's one positive step to sooth investor fears about the subprime mortgage crisis," said Lawrence de Leon of Accord Capital Equities. "That's one less worry for investors."
MUMBAI
Indian share prices closed up 0.86 percent.
Dealers said expectations of a US rate cut raised hopes of capital inflows to India.
The 30-share Sensex index rose 170.13 points to 19,966.
Banking, software and property stocks were main gainers.
"Software stocks rose after having lagged in previous months," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.
WELLINGTON
New Zealand share prices rose 1.22 percent after a late rebound.
The NZX-50 index rose 49.43 points to 4,092.93 on turnover worth NZ$109 million (US$84.8 million).
JAKARTA
Indonesian share prices closed 0.6 percent lower as profit-takers dominated the late session, putting telecom and mining stocks under pressure, ending a four-day rally.
The composite index closed down 16.45 points at 2,778.95 on volume of 4.71 billion shares valued at 6.33 trillion rupiah (US$685 million).
"The market's decline today was purely due to profit-taking as the market had been in a record-breaking rally the past few days," Paramitra Alfa Sekuritas analyst Pardomuan Sihombing said.
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