Asian stocks fell for a third week, on concern the world's largest economy will enter a recession.
Sony Corp and LG Electronics Inc led losses among companies relying on US sales after Citigroup Inc and Merrill Lynch & Co posted record losses. BHP Billiton Ltd and PetroChina Co slumped along with prices of copper and crude oil on speculation slowing global economic growth will erode demand for commodities.
"Realistically, the US is already in a recession," said David Ng, who helps manage US$954 million at Hwang-DBS Asset Management Sdn in Kuala Lumpur. "Asian markets will fall in line with the US; there is no decoupling of the financial markets."
The MSCI Asia Pacific Index fell 3.2 percent this week, its third-straight weekly decline and lowest intraweek level since Aug. 22. Japan's Nikkei 225 Stock Average dropped 1.8 percent for the holiday-shortened week. Japan's markets were closed on Monday for a public holiday. Philippine stocks fell all five days for their worst annual start on record.
All major regional benchmarks fell except, Taiwan's TAIEX, which rose 1.9 percent, on speculation the Chinese Nationalist Party's (KMT) recent gains in parliamentary elections will lead to the adoption of a China-friendly policy for the first time in eight years.
TAIPEI
Taiwanese share prices closed up 1.02 percent after reversing sharp falls, dealers said.
The weighted index closed up 83.02 points at 8,184.65 on turnover of NT$165.69 billion (US$5.13 billion).
"It was rollercoaster trade, with investors turning their focus back to cross-strait economic relations and away from the slowing US economy," said Michael Hsu (許派一), an assistant vice president at Taiwan Life Asset Management (台壽保投信).
"Local technology stocks have been lagging the broad market, so their prices attracted some bargain-hunting," Hsu said.
TOKYO
Japanese share prices ended up 0.56 percent on hopes for a US economic stimulus package, capping a dramatic late turnaround after a severe morning sell-off, dealers said.
Investors hunted for bargains as they shifted focus forward to remarks later on Friday by US President George W. Bush, who was expected to announce measures to help the world's largest economy avoid recession.
The market had tumbled in the morning to 26-month lows in line with Wall Street after a bleak picture on the US economy from Federal Reserve Chairman Ben Bernanke.
The Tokyo Stock Exchange's benchmark Nikkei 225 index ended up 77.84 points at 13,861.29.
The index had fallen a hefty 2.81 percent in the morning.
The broader TOPIX index of all-first section shares rose 11.06 points or 0.83 percent at 1,341.50. In morning trading, it slid below the symbolic 1,300-point line.
HONG KONG
Hong Kong share prices closed up 0.35 percent, dealers said.
They said the market opened sharply lower after a sell-off on Wall Street, but recovered in the afternoon on hopes a US economic stimulus plan.
The Hang Seng index closed up 86.89 points at 25,201.87. For the week the index was down 6.2 percent.
SYDNEY
Australian share prices finished down 0.8 percent as confidence waned, dealers said.
They said the market had plunged 3.0 percent on opening but had pared back the losses by the end of the day, with the S&P/ASX 200 closing down 48.8 points at 5,747.3.
The All Ordinaries ended 57.6 points or 1.0 percent lower at 5,799.4.
SHANGHAI
Chinese share prices closed up 0.56 percent, dealers said.
They said the Shanghai bourse was in negative territory after an overnight Wall Street slump before it changed direction in late afternoon trade.
The benchmark Shanghai Composite index, which covers A and B shares, closed up 28.89 points at 5,180.51.
The Shanghai A-share index rose 0.57 percent to 5,436.88. The Shenzhen A-share index was up 1.16 percent at 1,598.68.
The Shanghai B-share index fell 0.64 percent to 354.50. The Shenzhen B-share index lost 0.38 percent at 683.87.
SEOUL
South Korean share prices rebounded in late trading to close up 0.6 percent, dealers said.
The KOSPI index ended up 11.17 points at 1,734.72.
The benchmark index shed 2.7 percent over the week.
SINGAPORE
Singapore share prices closed 1.13 percent lower, dealers said.
The blue chip Straits Times Index fell 35.63 points at 3,104.25.
KUALA LUMPUR
Malaysian share prices closed down 1.5 percent, dealers said.
The Kuala Lumpur Composite Index (KLCI) was down 21.22 points at 1,439.49.
MANILA
Philippine share prices closed 2.5 percent lower, dealers said.
The composite index ended down 80.59 points to 3,168.30. The broader all-share index fell 46.47 points to 1,995.26.
WELLINGTON
New Zealand share prices closed down 1.76 percent, dealers said.
The benchmark NZX-50 index fell 65.61 points to 3,664.36.
MUMBAI
Indian share prices fell 3.49 percent, the fifth straight drop, dealers said.
The benchmark 30-share SENSEX fell 687.12 points at 19,013.7. It has shed 9.5 percent in the last five trading days.
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