HONG KONG, Oct 17: Asian stocks were mainly lower on Friday as investors remained cautious following a volatile trading week and despite a rally on Wall Street overnight.

Most regional bourses had opened higher after the Dow posted a 4.68 per cent gain the day after its worst percentage drop in 21 years but eased back as jitters set in.

Tokyo responded well to Wall Street, finishing 2.78 per cent up, 24 hours after posting a record fall. Shanghai edged a little more than one percent higher, while Wellington added 1.59 per cent.

However, continued fears over the world economy returned later in the day.

Hong Kong closed 4.4 per cent down as investor confidence drained from the market after spending much of the day in the black, while Sydney pared back early gains to finish 1.1 per cent down.

The relatively calm day followed a week of anxiety for worldwide stocks, which saw historic falls and rises in Tokyo and New York.

Market players remain cautious ahead of the weekend, said Toshihiko Matsuno, head of research at SMBC Friend Securities, noting that a raft of US and Japanese corporate earnings reports are looming on the horizon.

TOKYO: Japanese share prices rebounded 2.78 per cent, dealers said.

A weaker yen gave a boost to exporters, but most investors were staying on the sidelines.

The Topix index of all first-section shares gained 29.77 points, or 3.44 per cent, to 894.29.

HONG KONG: Share prices closed 4.4 per cent lower, dealers said.

The benchmark Hang Seng Index finished 676.31 points down at 14,554.21, as selling pressure overturned a 70 points gain around noon. Turnover was light at 59.35 billion Hong Kong dollars (7.61 billion US).

The index was down 1.6 percent for the week, with strong gains earlier in the week ebbing away. The huge 2,587-point range during the week highlighted the volatility as investors remained nervous.

SYDNEY: Australian shares closed down 1.1 per cent, analysts said.

The benchmark S&P/ASX 200 index fell 42.6 points to 3,970.8, while the broader All Ordinaries lost 43.3 points to 3,944.8.

A total of 1.27 billion shares worth 4.44 billion Australian dollars (3.03 billion US dollars) changed hands.

The world’s biggest miner BHP Billiton lost 4.69 per cent to 24.59 Australian dollars while Rio Tinto dropped 5.14 per cent to 62.62.

National Australia Bank lost 1.10 to 21.60, Westpac was down 52 cents to 21.48, ANZ fell 48 cents to 16.85 and Commonwealth Bank was off 99 cents at 41.41.

SINGAPORE: Shares closed 3.73 per cent lower, dealers said.

The blue-chip Straits Times Index closed at a four-year low, down 72.69 points to 1,878.51 on volume of 1.23 billion shares worth 1.22 billion dollars (826 million US).

KUALA LUMPUR: Malaysian stocks fell 1.6 per cent, brokers said.

The Kuala Lumpur Composite Index closed 14.79 points down at 905.23.

Declining stocks outnumbered advancers 461 to 204.

Gamuda was down 16.8 per cent at 1.54 ringgit, Sime Darby was 3.0 per cent weaker at 6.40 ringgit and Genting lost 3.0 per cent at 4.52 ringgit.

WELLINGTON: New Zealand shares rose 1.59 per cent, dealers said.

The benchmark NZX-50 index rose 44.08 points to close at 2,808.77.

Contact Energy gave up early gains to close seven cents lower at $7.06 and Fletcher Building rose 12 cents to 5.98.

Casino operator Sky City rose 16 cents to $3.15 and Fisher & Paykel Healthcare was up 13 cents at 3.00.

MUMBAI: Indian shares plunged 5.73 per cent, dealers said.

The 30-share Sensex slid 606.14 points to 9,975.35, a level last seen in June 2006 on heavy selling by overseas funds.

The Sensex has fallen for three straight days.—AFP