Asian stocks ended mixed on Friday as Western government promised more sanctions on Russia and improved U.S. jobless claims data stocked concerns about faster-than-expected tightening by the Federal Reserve.
Chinese shares fell sharply due to losses in the tech sector. The benchmark Shanghai Composite index tumbled 1.17 percent to 3,212.24 while Hong Kong’s Hang Seng index slumped 2.47 percent to close at 21,404.88.
Japan’s Nikkei index swung between gains and losses before ending 0.14 percent higher at 28,149.84 – marking a ninth straight session gain and the longest winning streak since September 2019.
Shionogi shares jumped 4.5 percent after the drugmaker reached a basic agreement with the Japanese government to supply an oral Covid-19 antiviral oral drug it is now developing.
The country’s core inflation hit a two-year high in March, propelled by soaring energy costs, data showed earlier in the day.
Australian markets ended on a positive note, led by gains in the mining, energy and property sectors. IGO, Newcrest and BlueScope Steel climbed 3-5 percent.
Financials and healthcare stocks underperformed amid expectations for higher interest rates. The benchmark S&P/ASX 200 rose 0.26 percent to finish at 7,406.20 – marking a fourth straight session increase.
Seoul stocks ended little changed with a positive bias despite concerns around North Korea’s intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war.
Battery heavyweight LG Energy Solution soared as much as 7.6 percent while chipmaker SK Hynix and internet portal operator Naver fell more than 2 percent each.
New Zealand shares eked out modest gains, with the benchmark NZX-50 index closing up 0.31 percent at 12,055 after a choppy session. Hallenstein Glasson lost 3.6 percent after the clothing retailer reported a 40 percent decline in first-half profit in line with a warning issued last month.
U.S. stocks rallied overnight as commodity prices cooled and data showed weekly jobless claims fell to their lowest level in 52 years, boosting investor confidence in the economic recovery.
The Dow climbed 1 percent, the tech-heavy Nasdaq Composite surged 1.9 percent and the S&P 500 added 1.4 percent.
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