Asian stock markets turned in a mixed performance on Friday, despite overnight gains on Wall Street on optimism that the U.S. Federal Reserve will continue cutting interest rates. Investors remained cautious as they awaited the release of the U.S. Labor Department's closely watched monthly jobs report for September later in the day.
Markets in China remained closed for public holidays, while Hong Kong's Hang Seng Index slumped 289.28 points or 1.1 percent to 25,821.03, with the media reporting that Hong Kong's government is set to ban wearing face masks at protests.
Meanwhile, Japanese stocks recovered after a weak start and closed higher on late bargain-hunting as investors looked ahead to the key U.S. jobs data.
The benchmark Nikkei 225 Index added 68.46 or 0.3 percent to close at 21,410.20 after touching a low of 21,276.01 in early trading. The broader Topix also closed 0.3 percent higher at 1,572.90.
Major exporters mostly rebounded despite a stronger yen. Sony rose 1 percent, while Mitsubishi Electric and Panasonic both advanced 0.4 percent. Canon edged down 0.1 percent.
In the auto sector, Honda Motor added 0.5 percent and Toyota Motor rose 0.2 percent. Market heavyweight SoftBank edged up 0.1 percent, while Fast Retailing dipped 0.6 percent.
Tokio Marine said it would acquire U.S. peer Pure Group for $3.1 billion as part of its efforts to diversify its insurance portfolio. The Japanese insurance provider's shares rose 0.2 percent.
The Australian markets rebounded from the previous session's losses to close higher but still closed the week down 3 percent. Investors remained cautious as they looked ahead to the release of U.S. jobs data.
The benchmark S&P/ASX 200 Index rose 24.10 points or 0.4 percent to finish at 6,517.10, after touching a high of 6,532.70 earlier. The broader All Ordinaries Index added 25.20 points or 0.4 percent to close at 6,636.90.
Drugmaker CSL gained 3.2 percent after Morgan Stanley upgraded the company. Among the major miners, Fortescue Metals rose 2.1 percent, while BHP Billiton added 0.4 percent and Rio Tinto advanced 0.5 percent.
The big four banks mostly closed lower. ANZ Banking, Westpac and National Australia Bank declined in a range of 0.3 percent to 0.5 percent, while Commonwealth Bank rose 0.3 percent.
The Australian Competition and Consumer Commission, or ACCC, is reportedly pushing ahead with a planned inquiry that will look at the barriers to entry for new players to compete with the big four banks.
In economic news, Australia's retail sales rose 0.4 percent in August, reflecting the fastest growth in four months. However, the pace of growth was slightly slower than the expected 0.5 percent.
South Korean shares closed lower in a choppy session, with foreign investors resorting to a selling spree. The benchmark Korea Composite Stock Price Index, or KOSPI, fell 11.22 points or 0.6 percent to close at 2,020.69.
Market heavyweight Samsung Electronics rose 0.8 percent and SK Hynix advanced 1 percent.
New Zealand shares rose, with the benchmark S&P/NZX 50 Index ending the session up 71.61 points or 0.7 percent at 10,892.82. Mercury NZ gained 4.1 percent and Fonterra rose 3.3 percent.
Elsewhere in Asia, Taiwan's TSEC Weighted Index rose 0.2 percent, while stocks in Singapore and Malaysia moved modestly lower.
Overnight, U.S. stocks closed higher partly due to bargain hunting. Confidence the Federal Reserve will continue to cut interest rates also contributed to the turnaround.
The Nasdaq surged up 1.1 percent, the S&P 500 advanced 0.8 percent and the Dow rose 0.5 percent.
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