Shares were mostly lower on Friday in Asia as uncertainty over the war in Ukraine and persistently high inflation held their sway over markets.
Investors are fretting over how the world economy might struggle with price pressures and slowing growth.
Oil prices advanced on Friday as Russian forces broadened their offensive in Ukraine, attacking two major cities to the west and an industrial center in the east of the country.
A plan to revoke Russia’s most favored nation trade status over its invasion of Ukraine added to unease over the economic repercussions of the deepening conflict after talks between foreign ministers of the two countries failed to show any concrete progress.
US President Joe Biden announces the change on Friday. It would allow the US and other major industrial countries to raise tariffs on some Russian exports.
The move is unlikely to have a major effect on trade, as it would have a negligible effect on most exports of oil, gas and other Russian resources, experts said.
In Taipei, the TAIEX closed down 168.46 points, or 0.97 percent, at 17,264.74, after moving between 17,239.90 and 17,373.90. Turnover totaled NT$262.769 billion (US$9.25 billion). The index declined 2.66 percent from a week earlier.
Tokyo’s Nikkei 225 index lost 2.05 percent to 25,162.78, posting a weekly drop of 3.17 percent, while the broader TOPIX declined 1.67 percent to 1,799.54 and lost 2.46 percent from a week earlier.
In Hong Kong, the Hang Seng shed 1.61 percent to 20,553.79, down 6.17 percent weekly.
The Shanghai Composite index reversed earlier losses, gaining 0.41 percent to 3,309.75, after Chinese Premier Li Keqiang (李克強) said that the government hopes to generate as many as 13 million new jobs this year.
However, the Hang Seng declined 4 percent from a week earlier.
Li promised “pro-job policies” including tax and fee cuts totaling 2.5 trillion yuan (US$394.33 billion) for businesses to help counter a slowdown in growth.
Surging COVID-19 cases in China and Hong Kong have added to concerns dogging their markets.
In Seoul, the KOSPI declined 0.71 percent to 2,661.28, losing 1.92 from a week earlier, while Australia’s S&P/ASX 200 gave up 0.94 percent to 7,063.6, dipping 0.66 percent weekly.
India’s SENSEX gained 0.15 percent to 55,550.30, and rose 2.24 percent from a week earlier.
Investors were keeping to the sidelines ahead of the weekend, given the potential for big surprises while markets are closed, analysts said.
“When confidence is low, risk managers are in the drivers’ seat, keeping bank and market maker liquidity to a minimum which could be exacerbating inter-day moves, and no wonder, as predicting day-to-day market actions is about as consistent as flipping a coin,” Stephen Innes of API Asset Management said in a commentary.
Additional reporting by staff writer, with CNA
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