HONG KONG (MarketWatch) — Japan stocks closed lower on Friday, breaking a nine-session string of gains.
The Nikkei Average NIK, -0.30% dropped 0.3%, but still ended higher for a second straight week. For the week, the index gained 1.4%. Meanwhile, the broader Topix index I0000, +0.37% finished 0.4% lower, while the yen USDJPY, -0.15% strengthened, trading at ¥103.734 against the dollar from ¥103.840 a day earlier.
Market movers included electronics giant Panasonic Corporation 6752, -1.36% falling 1.4%, computer maker NEC Corp. 6701, -1.30% losing 1.3%, electronics maker Sharp Corporation 6753, -1.23% down 1.2%, and IT services provider Fujitsu Ltd. 6702, -1.10% off 1.1%.
Other major Asian markets posted gains.
In Hong Kong, the benchmark Hang Seng Index HSI, +0.47% rose 0.5%, with index heavyweight China Mobile Ltd. 0941, +0.64% advancing 0.6%, after reports said the leading state-owned telecom is creating a new media company and would open the business to private investors as part of its mixed-ownership reform push.
However, Li & Fung Ltd. 0494, -4.58% a major supplier for the likes of Wal-Mart Stores Inc. WMT, +0.79% and Target Corp. TGT, +1.23% tumbled 4.6% after its first-half revenue fell short of market expectations.
Elsewhere, Sydney’s S&P/ASX 200 XJO, +0.12% inched up 0.1%, the Shanghai Composite Index SHCOMP, +0.46% finished 0.5% higher, and Seoul’s Kospi Composite Index SEU, +0.61% snagged a 0.6% gain.