Asian shares steadied on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors’ minds, while the US dollar sat near a three-week high.
The MSCI Asia Pacific Index rose 0.25 percent to 203.32, but was down 1.6 percent for the week.
The TAIEX on Friday fell less than 0.1 percent to 17,276.79 points, down 1.13 percent for the week.
“We’re looking at a market that is nervous, though hasn’t seen sentiment turn outright bearish,” IG markets analyst Kyle Rodda said. “If you look for catalysts that could justify the next move to the upside in equities and risk assets, they are nowhere to be seen because global growth concerns are keeping investors on edge.”
Hong Kong’s Hang Seng Index rose 1 percent to 24,920,76, with traders looking for oversold stocks after the benchmark posted its lowest close in 10 months the day before, as the saga around China Evergrande Group (恒大集團) lurched toward a conclusion. The index fell 4.9 percent for the week.
The embattled property developer’s shares dropped a further 11.8 percent on Friday, down 35 percent this week, but there were gains elsewhere, including in technology stocks.
The previously bruised Hang Seng Tech Index rose 2.8 percent on Friday.
Australia’s S&P/ASX 200 fell 0.8 percent to 7,403.70, as a fall in iron ore prices hurt miners. The index was virtually unchanged for the week.
Chinese blue chips edged up 0.58 percent.
Japan’s Nikkei 225 gained 0.6 percent to head back toward a 31-year high hit on Monday. The benchmark index rose 0.4 percent weekly. The TOPIX on Friday added 0.5 percent and rose 0.4 percent for the week.
India’s SENSEX on Friday fell 0.2 percent, tapering its weekly gain to 1.2 percent.
Due next week is a policy meeting of Indonesia’s central bank, but all 25 analysts surveyed by Reuters expected Bank Indonesia to keep its key interest rate steady.
Chinese data earlier this week suggested that growth in the world’s second-largest economy would slow in the second half of this year, while economists polled by Reuters said they expected the US economic rebound to have been dented in the third quarter.
Respondents to that poll also pushed back expectations for the US Federal Reserve to announce a tapering of asset purchases to November.
This means next week’s Fed policy meeting is likely less consequential than would have been expected a few months ago when many investors felt a tapering announcement was an option this month, but traders would still be watching closely for any policy clues from the meeting, especially after the US posted an unexpected increase in retail sales on Thursday.
Additional reporting by staff writer
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