Asian stocks closed mixed on Friday in lackluster trading after economic data in the US and Japan failed to impress investors.
Instead, players were happy to limit any gains by booking profits after a solid rise in the previous two trading sessions pushed benchmarks back up towards key resistance levels.
This resulted in Tokyo closing up just 0.29 percent.
PHOTO: AFP
Seoul, Shanghai, Singapore and Kuala Lumpur were little changed while Sydney slumped 0.99 percent with investors there turning more cautious over the state of the US economy. Taipei was up 0.61 percent on support for tourism stocks.
Jakarta climbed 0.92 percent to a fresh record high after local inflation figures reinforced the case for an interest rate cut but Hong Kong was down 1.42 percent after shareholders knocked back attempts by PCCW chairman Richard Li (李澤楷) to sell his majority stake in the telecom.
Mumbai also struck a record high, up 1.08 percent on the back of better than expected local GDP numbers. Manila was closed for a public holiday.
TAIPEI
Share prices rose 0.61 percent to close above the key 7,600 point level as sustained foreign investor interest supported the market.
The weighted index gained 45.85 points at 7,613.57 on turnover of NT$133.03 billion (US$4.12 billion).
Tourism stocks outperformed after a report that Taiwan may be able to host the first group of tourists travelling directly from China by the end of the year at the earliest, dealers said.
Transport shares were bolstered by a report that parliament is due to vote on Friday on an opposition initiative to revise regulations to facilitate the opening of transportation links between Taiwan and China, they said.
"Sentiment toward the local bourse was apparently backed by [ample] liquidity," said Frank Lin, senior vice president at Fubon Securities (
"There were expectations of an influx of foreign capital, evidenced by the appreciation in the local currency," Lin said.
Some profit-taking emerged around midsession, but liquidity-powered interest buoyed the index to close in positive territory.
TOKYO
Share prices gained 0.29 percent after subdued inflation data decreased expectations of a hike in interest rates by the end of the year.
Dealers said the market came off early highs as it digested the day's mixed data, with shares of some exporters sliding on the stronger yen.
The Nikkei-225 gained 47.45 points to 16,321.78. Volume fell to 1.69 billion shares from 1.81 billion shares on Thursday.
Data before the opening bell showed Japan's core consumer price index rose only 0.1 percent in October as the cost of oil subsided.
Dealers said the weaker-than-expected numbers had decreased the likelihood of the central bank raising interest rates this month although many participants still expect a hike by early next year.
SEOUL
Share prices closed 0.15 percent higher on foreign investor interest, with POSCO hitting a record on a report of a possible capital tie-up with China's Baosteel.
Dealers said POSCO was a top feature after reports pointing to a capital tie-up with Baosteel and Nippon Steel of Japan to create a major combine capable of competing in a fast consolidating industry.
The KOSPI index was up 2.15 points at 1,434.36.
HONG KONG
Share prices closed 1.42 percent lower on profit-taking after recent gains, with the downturn led by a 4.95 percent fall in PCCW after shareholders rejected the sale of the company.
Dealers said China Mobile and HSBC also pulled the market lower with substantial losses ahead of the reduction in their respective weightings in the Hang Seng Index from tomorrow.
The Hang Seng Index closed down 269.66 points at 18,690.82.
Significant losses also came from blue chips China Mobile and HSBC.
SHANGHAI
Share prices closed 0.13 percent higher, edging up in very heavy trade on continued fund inflows after the sharp gains made on Thursday.
Dealers said new money continued to make itself felt in the market as investors fretted about possibly missing out on the recent advance, highlighted by Thursday's jump of some 2.2 percent.
The Shanghai A-share Index added 2.84 points to 2,208.93 and the Shenzhen A-share Index was up 4.43 points at 518.49.
The Shanghai Composite Index, which covers A and B-shares, closed up 2.76 points or 0.13 percent at 2,102.05.
Dealers said sentiment remains buoyant and investors are confident of further gains.
SYDNEY
Share prices closed 0.99 percent lower as profit-taking set in after Thursday's record breaking performance and investors braced for further data expected to confirm a US slowdown.
Dealers said the major banking stocks fell as traders switched their weightings to favor resource stocks.
The SP/ASX 200 lost 54.2 points at 5,427.9. Turnover was 1.61 billion shares.
SINGAPORE
Share prices closed slightly easier as investors took some modest profits after the market's recent record run.
The Straits Times Index dropped 2.49 points to 2,836.04. Volume was 1.43 billion shares.
KUALA LUMPUR
Share prices closed little changed as profit-taking set in and held back stocks which had recently made sharp gains.
The composite index was marginally lower by 0.55 of a point or 0.05 percent at 1,080.11 points on turnover of 1.6 billion shares.
BANGKOK
Share prices closed 0.31 percent higher as foreign investors continued to pour money into Thailand, partly on speculation in the rising baht.
The composite index rose 2.32 points to 741.38.
JAKARTA
Share prices closed up 0.92 percent at a new record high as investors took heart from benign inflation data for last month. This sparked hopes of a further central bank rate cut as early as next week, dealers said.
The composite index closed up 15.789 points at 1,734.750.
MUMBAI
Share prices closed up 1.08 percent to a record high the day after figures showed India's economy expanded a faster-than-expected 9.2 percent in the second quarter.
The 30-share Sensex index rose 148.47 points to a record 13,844.78 from its previous high of 13,773.59 on Nov. 27.
Indian shares saw an all-time intraday peak of 13,857.81 on Friday from its previous level of 13,799.08 on Nov. 27.
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