Asian stocks declined this week, with the regional benchmark index entering a correction, as shares of Japanese exporters retreated after the yen strengthened.
Toyota Motor Corp, the world’s biggest carmaker, slid 2.5 percent on Friday and was the biggest drag on the MSCI Asia Pacific Index, while Japan Display Inc — a maker of mobile-device screens for Apple Inc — sank 8.1 percent after CLSA Asia-Pacific Markets cut its rating to “underperform.”
Elsewhere, HCL Technologies Ltd tumbled 9.1 percent after the Indian computer software maker posted sales that missed analyst estimates, but CNOOC Ltd (中國海洋石油), China’s biggest offshore energy explorer, added 3.8 percent after crude prices rebounded.
The Asia-Pacific gauge declined 0.6 percent to 133.96 as of 8:08pm in Hong Kong on Friday, erasing earlier gains of as much as 0.2 percent. The gauge closed more than 10 percent down from its July 29 high, which would meet the common definition of correction.
The measure is also poised for its sixth straight weekly decline as faltering recoveries in China and the eurozone spark concerns that global economic growth will slow and the US Federal Reserve considers when to raise interest rates.
“After the early-morning buying spree traders have sat on their hands,” Chris Weston, chief markets strategist in Melbourne at IG Ltd, wrote in an e-mail to clients. “The macro issues haven’t gone away after all the technical damage to these markets. It’s hard to be outright bullish.”
In Taipei, the TAIEX dropped 5.1 percent this week in its biggest loss since 2011. Global investors sold US$898 million more of the island’s equities than they bought this week, stock exchange data show.
On Friday, the benchmark index fell 1.4 percent, or 120.81 points, to 8,512.88, as Taiwan Semiconductor Manufacturing Co (台積電) rose 1.65 percent to NT$123.5, while smartphone maker HTC Corp (宏達電) lost 2.27 percent to NT$129.
According to the stock exchange, foreign institutional investors sold a net NT$7.39 billion (US$243 million) in local shares, contributing to the TAIEX’s declined on the last day of trading.
In Tokyo, the TOPIX reversed a morning advance to end 1.5 percent lower — its lowest close since May 22 — with exporters hit by the stronger yen. The Nikkei fell 205.87 points to 14,532.51, a five-month low.
In Seoul, the KOSPI dropped 1 percent to 1,900.66, while the Shanghai Composite Index fell 0.7 percent.
However, New Zealand’s NZX 50 Index and Australia’s S&P/ASX 200 Index each added 0.3 percent on Friday.
Hong Kong also rose, adding 0.53 percent, or 122.27 points to 23,023.21, as police cleared protest barricades and opened roads in the territory’s Mong Kok district hours after student leaders agreed to talks with the government aimed at ending three weeks of pro-democracy demonstrations.
In other markets on Friday:
Wellington rose 0.29 percent, or 14.92 points, from Thursday to finish on 5,146.94.
Manila ended down 0.36 percent, or 25.36 points, at 7,033.22.
Mumbai gained 0.42 percent, or 109.19 points, to end at 26,108.53.
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