Asian stocks advanced for a fourth week, led by Chinese energy companies and shipping lines as prices of crude oil and metals gained and cargo rates climbed to a record high.
PetroChina Co (中國石油天然氣), China's largest oil explorer, and Mitsui OSK Lines Ltd, Japan's second-biggest shipping company, rose to highs. China Shenhua Energy Co (神華能源), the world's second-largest coal seller, surged after UBS AG and Deutsche Bank AG raised price forecasts. Benchmark indexes in Australia, China, Hong Kong, India, Singapore and South Korea surged to records this week before paring gains on Friday.
"Resource stocks have a good earnings outlook," said Angus Gluskie, who helps manage the equivalent of about US$380 million at White Funds Management in Sydney. "Prices are on the up."
The Morgan Stanley Capital International Asia-Pacific Index added 1.3 percent this week after closing at a record on Thursday. Speculation China will raise interest rates soon to cool the economy contributed to a 1 percent loss on Friday, capping gains from earlier in the week.
The regional index, which jumped 9 percent in the previous three weeks, completed its longest rally since a six-week advance ended Feb. 23.
Japan's NIKKEI 225 Stock Average rose 1.6 percent, adding to a four-week rally, after Moody's Investors Services raised its rating on the nation's local-currency debt rating by one level. Nintendo Co, the maker of the best-selling Wii game console, posted its best week since the five days ended Aug. 24.
Indexes in Taiwan and Sri Lanka had the week's only declines.
TAIPEI
Taiwanese share prices slumped 2.07 percent as Wall Street's overnight fall set the tone for local trading from the opening bell and continued to influence sentiment throughout the session.
Dealers said financial and technology heavyweights led the downturn, with investors opting to cash out after the market had repeatedly tried and failed to breach the year's high of 9,807 points hit on July 26.
The weighted index closed down 201.20 points at 9,496.47 on turnover of NT$153.32 billion (US$4.70 billion).
"Strictly speaking, our downturn today was mostly part of a regional slide in the wake of what happened on Wall Street overnight," Jih Sun Securities Investment Trust Co (日盛投信) deputy manager Wilson Lien said.
Lien said that the TAIEX, having failed again to break through technical resistance, may trade nearer its next support level at around 9,450 points in the near term.
TOKYO
Japanese share prices closed down 0.73 percent as investors pocketed gains a day after the market hit the highest level for over two months.
Dealers said modest losses overnight on Wall Street added to the cautious mood here ahead of the weekend.
The NIKKEI-225 index lost 127.81 points for the week to close at 17,331.17.
It was natural for the market to take a breather after recent gains and ahead of the weekend, Toyo Securities strategist Hiroaki Hiwada said.
He said investors were cautious ahead of earning results from US banks next week which could be affected by the US subprime mortgage problems.
HONG KONG
Share prices closed down 1.01 percent, as investors locked in profits amid speculation that China might announce new measures to cool its economy.
The Hang Seng Index closed down 294.65 points at 28,838.37. Turnover was the second-largest ever, at HK$195.28 billion (US$25.17 billion).
SHANGHAI
Chinese share prices closed 0.17 percent lower as the market was hit by profit-taking after touching a new intra-day record high.
Dealers said the volatile trading at one point saw the benchmark Shanghai index slip more than 4.2 percent after meeting with strong resistance near the key 6,000-points level.
The Shanghai Composite Index ended down 9.97 points at 5,903.26.
SEOUL
South Korean share prices closed 1.6 percent lower as investors took Wall Street's decline as a cue to grab profits after record finishes earlier in the week.
The KOSPI index closed down 32.41 points at 2,026.44.
SYDNEY
Australian share prices closed down 0.3 percent as investors locked in gains after a four-day winning streak which propelled the key market indices to record highs.
The S&P/ASX 200 closed down 23 points at 6,748.9.
SINGAPORE
Share prices closed 0.48 percent lower on profit-taking after the benchmark index reached a new all-time high a day earlier.
The Straits Times Index closed down 18.52 points at 3,857.25.
KUALA LUMPUR
Malaysian share prices closed 0.6 percent lower on profit-taking ahead of an extended weekend and amid regional weakness following Wall Street's overnight retreat.
Malaysia will celebrate Eid al-Fitr to mark the end of the Muslim fasting month of Ramadan over the weekend. The market will also be closed on Monday.
The composite index lost 8.36 points to 1,375.25.
BANGKOK
Thai share prices closed 0.23 percent lower, in line with most regional markets, on profit taking after hitting an 11-year high a day earlier.
Dealers said foreign fund inflows continued but on selective buying of big-cap energy stocks following a spike in oil prices.
The composite index shed 2.04 points to 887.02.
Analysts said the index fell on profit taking a day after it hit its highest level since mid-December 1996.
MUMBAI
Indian share prices fell 2.1 percent, snapping three days of gains as investors locked in profits amid weak Asian and overnight US markets.
The Mumbai SENSEX index fell 395.03 points to 18,419.04.
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