Market attention was on the U.S. November jobs report due later Friday. Investors are focusing on the data to help assess the strength of the U.S. economy and the timing of a potential Federal Reserve interest rate increase.
A lack of more stimulus measures from the European Central bank overnight also limited risk-taking sentiment in the market. Stimulus efforts by major central banks tend to support asset prices globally.
ECB chief Mario Draghi said on Thursday that the central bank "stepped up" preparations for further asset purchases next year after leaving policy unchanged. His remarks came amid reports the central bank is considering a quantitative easing package for its next meeting in January.
Among Asian bourses
Nikkei closes at new seven-year high
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Japanese stock market recouped early losses to finish the session at new seven-year high, as yen weakening to 120-level against the greenback and lower crude oil prices sparked buying, with stocks of export-related companies and energy players being major gainers. The benchmark Nikkei Stock Average advanced 33.24 points, or 0.19%, to 17920.45, a new post-financial-crisis high, a highest level since July 2007. The index gained 2.6% this week and is up 10% for the year so far.
Exporters shares extended gain as the yen softening to mid-120 level against the greenback, the weakest since August 2007, elevating the overseas earnings when repatriate them home. Sony rose 1.3% to 2,677 yen, while Nissan added 1.3% to 1,135 yen. Isuzu Motors Ltd., a truck maker, gained 4.6% to 1,595 yen. Sumco jumped 13% to 1,806 yen on tracking rally on the Philadelphia Semiconductor Index.
Gungho soared 18% to 522 yen, after the company said in a statement today that President Kazuki Morishita will hold a briefing on overseas expansion plans on Dec. 10, 2014.
Retailers were down. J. Front Retailing Co., which operates the Daimaru and Matsuzakaya department stores, sank 3.6% to 1,483 yen. Ryohin Keikaku Co., the owner of the Muji chain of lifestyle stores, slid 2.1% to 13,750 yen.
Aussie stocks fall on profit booking
Australian share market closed down for the first time in four consecutive days, as investors withdrew some gain off the table after less dovish than expected ECB press conference and on caution before employment data from US today. Most of the ASX sectorial indices declined, with energy, mining and financial companies being major losers. The benchmark S&P/ASX 200 index and All Ordinaries index both advanced 0.6%, to 5335.30 and 5313.60.
The major miners closed down. Mining giant BHP Billiton fell 1.5% to A$30.42, Rio Tinto shed 3.5% to A$57.14 and iron ore miner Fortescue Metals was 3.3% weaker at A$2.68. Mt Gibson Iron shares tumbled 50% to A$0.205 after it announced it was mothballing its troubled Koolan Island iron ore mine in the West Australian Kimberley region.
The energy sector remained weak, with Santos down 3.8% at A$8.40, Origin Energy 1.3% weaker at A$11.25 and Woodside Petroleum 2% lower at A$35.71. Engineering group Bradken had gained 36% to A$4.53 as its board considers a non-binding takeover proposal from a private equity consortium.
Shanghai Composite hits 43-month highs
Mainland China share market closed session at new 43-month high, as optimism for cyclical stocks remain intact amid speculation the People's Bank of China will cut lenders' reserve-requirement ratios. The benchmark Shanghai Composite Index advanced 38.19 points, or 1.32%, to 2937.65 at the close, the highest close since April 26, 2011, when it finished at 2938.98. The Shenzhen Composite Index was, however, down 27.33 points, or 1.84%, to 1454.63. Combined daily turnover of China's Shanghai and Shenzhen stock markets surpassed 1 trillion yuan, a record high following the recent rising trend. It rose 21% to an all-time high of 1.051 trillion yuan from Thursday's 869.2 billion yuan.
Shares of financial companies advanced the most in SSE sectoral peers, with brokerages continued to be top gainers. Citic Securities surged 10% on reports Japanese trading giant Itochu and Thailand's CP Group are taking a major stake in the brokerage. Haitong Securities rallied 10% on news it is in talks to buy the Portuguese bank Novo Banco's investment banking unit as part of its efforts to expand overseas.
Hang Seng adds to winning streak
Hong Kong share market closed higher in roller coaster trade, as risk sentiments following the path of the A-share market movement, with turnover hitting a 7-year high. The heavily weighted real-estate and banking sectors enjoyed a broad advance. The Hang Seng Index ended higher 170.08 points, or 0.71%, to 24002.64, off an intra-day high of 24170.05 and low of 23772.84. Turnover surged further to HK$147.76bn, the highest level since 23 January 2008, from HK$117.5bn on Thursday.
As for the Shanghai-HK stock connect flow, the northbound quota balance was RMB10.433 billion, while the southbound quota balance was RMB9.069 billion, accounting for 80.3% and 86.3% of the daily allowed quotas respectively.
The heavily weighted real-estate and banking sectors enjoyed a broad advance, with China Vanke Co. up 0.7%, Cheung Kong Holdings up 1.4%, China Construction Bank Corp. up 3%, and Industrial & Commercial Bank of China up 2.6%, though HSBC Holdings PLC edged just 0.1% down after a 0.8% loss overnight for its London-listed shares. Stock in Haitong Securities Co soared 12.4% as they resumed trading after news the company was in talks with Portuguese bank Banco Espirito Santo to buy its investment-banking unit. Shares of Citic added 2% after media reports that Japan's Itochu Corp and Thailand's Charoen Pokphand Group were looking to buy a stake in the Chinese conglomerate.
Sensex closes lower
Indian stock market closed down, buckling under fag-end profit booking in IT, oil & gas and healthcare shares. A lion's portion of the slide for the benchmark indices materialized during the last 40 minutes or so of trade after the key indices moved in a narrow range for most part of the trading session. The S&P BSE Sensex fell 104.72 points or 0.37% to settle at 28,458.10 and the CNX Nifty fell 26.10 points or 0.3% to settle at 8,538.30, the lowest closing level since 3 December 2014.
IT and pharma stocks edged lower as the rupee edged higher against the dollar. Indian index heavyweight and cigarette major ITC scaled record high, with the stock extending yesterday's rally triggered by reports the government may put on hold its plan to ban sales of single cigarettes. Steel Authority of India (Sail) dropped in volatile trade. Bank stocks edged lower in volatile trade. Shares of Axis Bank and Yes Bank reversed direction after scaling record high. Shares of defence equipment makers rose. Cement stocks were in demand.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index fell 0.2% to 9206.57. South Korea KOSPI was virtually flat at 1986.62. New Zealand's NZX50 was edge 1 point down at 5522. Singapore's Straits Times index rose 0.59% at 3324.39. Indonesia's Jakarta Composite index added 0.21% to 5187.99. Malaysia's KLCI climbed 0.21% to 1749.37.
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