Asian stocks closed mostly firmer on Friday, finding enough local leads to justify a solid performance after Wall Street was unnerved by a profit-warning from global banking giant HSBC, dealers said.
They said news on Thursday that HSBC would have to take higher-than-expected bad debt provisions on its US sub-prime mortgage business prompted concerns that other US banks could face similar problems as the housing market slows.
The news, however, was already in the regional markets and while HSBC was weaker again in Hong Kong, investors were confident enough to take up other themes.
PHOTO: AP
Tokyo rose 1.23 percent on the view the G7 meeting on Friday and yesterday in Germany would not take a united stand on the weak yen, which has boosted exporters and been an important driver of recent gains.
Sydney added 0.47 percent for another record finish -- the third in the week -- as investors banked on more strong corporate results after record earnings from BHP Billiton, the world's biggest miner.
Mumbai was the main loser, falling 0.77 percent on profit-taking but that too was after three record closes this week.
TAIPEI
Taiwanese share prices closed 0.22 percent higher on Friday, with the market continuing its recent pattern of rangebound trading ahead of the Lunar New Year holidays, dealers said.
They said China plays, led by tourism-related stocks, outperformed following a fresh report that China may allow its citizens to travel to Taiwan directly for sightseeing from April 1.
The weighted index added 17.31 points at 7,859.53, off a low of 7,822.53 and a high of 7,884.55, on turnover of NT$97.20 billion (US$2.95 billion).
TOKYO
Japanese share prices closed up 1.23 percent, regaining the 17,500 points level as buyers emerged ahead of a three-day holiday weekend, encouraged by a weaker yen, dealers said.
They said investors also took heart at a prediction of a rise in Japanese core machinery orders in the first quarter of this year and market forecasts of upbeat growth figures for the December quarter next week.
The Tokyo Stock Exchange's NIKKEI-225 index of leading shares added 211.85 points to 17,504.33, within sight of the previous Friday's near 10-month closing high of 17,547.11.
The broader TOPIX index of all first-section companies gained 24.91 points or 1.45 percent to 1,745.09.
Gainers outnumbered decliners 1,263 to 339, with 114 stocks flat.
SEOUL
South Korean share prices closed 0.29 percent higher as futures-linked programme buying helped offset foreign and retail investor sales before the weekend, dealers said.
The market remained firm for most of the session, with investors relieved that it had dealt with major events on Thursday such as the expiry of options contracts and the Bank of Korea's decision to leave interest rates on hold.
The KOSPI index ended up 4.10 points at 1,427.68, after trading between 1,422.97 and 1,432.29. It ended the week with a gain of 14.54 points or 1.03 percent.
HONG KONG
Hong Kong share prices closed 0.28 percent lower on profit-taking in select property stocks and China plays, with index heavyweight HSBC extending losses after warning of higher bad debt provisions for last year, dealers said.
China Life Insurance and Industrial and Commercial Bank of China (ICBC) posted early gains on hopes that they will be included among Hang Seng Index constituents but they ended lower as investors locked in quick profits.
The Hang Seng Index lost 57.39 points at 20,677.66, off a low of 20,593.76 and a high of 20,771.09. For the week, the index was up 113.98 points or 0.55 percent.
SHANGHAI
Chinese share prices closed 0.27 percent lower on liquidity pressure as Ping An Insurance, the country's second largest life insurer, launched a stock offer to raise up to five billion dollars, dealers said.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, fell 7.35 points at 2,730.39.
The Shanghai A-share Index was down 7.76 points or 0.27 percent to 2,866.65 on turnover of 62.46 billion yuan and the Shenzhen A-share Index shed 0.62 points to 703.55.
SYDNEY
Australian shares closed at new record highs following a week of strong earnings reports and expectation of more to come for the rest of the corporate reporting season, dealers said.
The benchmark S&P/ASX 200 was up 27.7 points or 0.47 percent at a record 5,927.2 while the broader All Ordinaries index climbed 26.4 points to an all-time high of 5,899.3.
MUMBAI
Indian share prices fell 0.77 percent as investors took profits on the market's sustained record breaking performance, dealers said.
The 30-share SENSEX fell 113.19 points to 14,538.90, coming off a new all-time intraday high of 14,723.88. It had hit a record close of 14,652.09 on Thursday.
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