Asian shares on Friday mostly declined on looming worries over US banks and lagging demand from China, the region’s major driver of growth.
“Asian equities struggled for direction after weak inflation data in China pointed to weakening demand,” SPI Asset Management managing partner Stephen Innes said.
Recent data reflect low inflation and weak credit extensions in China, which all indicate slowing growth as the initial jump from the nation dropping COVID-19-pandemic-related restrictions fades, he said.
Photo: AP
Taiwan, South Korea and Hong Kong all fell, but Tokyo and Australia recorded gains.
In Taipei, the TAIEX closed down 12.28 points, or 0.08 percent, at 15,502.36, falling 0.8 percent from a week earlier.
Turnover totaled NT$219.276 billion (US$7.13 billion).
Japan’s benchmark Nikkei 225 gained 0.9 percent to finish at 29,388.30, as companies such as Nissan Motor Co gained after reporting relatively favorable earnings.
However, SoftBank Group Corp slumped after reporting its second year in a row of losses.
The index gained 0.79 percent from the previous week, while the broader TOPIX added 13.0 points, or 0.64 percent, to close at 2,069.39. It was up 1.01 percent weekly.
Australia’s S&P/ASX 200 edged up 0.07 percent to 7,256.7, gaining 0.51 percent for the week, while Seoul’s KOSPI fell 0.63 percent to 2,475.42, falling 1.02 percent from the previous week.
Hong Kong’s Hang Seng fell 0.59 percent to 19,627.24, down 2.11 percent for the week, while the Shanghai Composite dropped 1.12 percent to 3,272.36, down 1.86 percent weekly.
India’s SENSEX gained 123.38 points, or 0.2 percent, to 62,027.90, rising 1.59 percent for the week.
Additional reporting by staff writer, with CNA
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