5 Dec 2008

Mixed end to week for Asia-Pacific markets

8:24 pm on 5 December 2008

Markets the Asia-Pacific region were mixed on Friday after another volatile week of trading, as policymakers continued efforts to try and stabilise fragile economies.

Central banks throughout Europe, in Asia, Australia and New Zealand have slashed rates aggressively this week, with other more radical actions expected.

In Japan, stocks ended slightly lower on Friday, giving up early gains as investors turned cautious ahead of key US jobs data, expected to show the biggest monthly jobs loss in 26 years.

The benchmark Nikkei-225 index dropped 6.73 points, or 0.08%, to 7,917.51. The broader Topix index of all first section issues slipped 2.86 points, or 0.36%, to 786.02.

In Australia, the stock market closed lower on Friday, dragged back by weakness in the resources sector after a big drop in the price for oil.

At the 1615 AEDT close, the benchmark S&P/ASX200 index had fallen 42.5 points, or 1.2%, to 3,489.9, while the broader All Ordinaries reversed 40.9 points, or 1.18%, to 3,427.2.

In New Zealand, the benchmark index was 23 points lower, or 0.88%, to 2706.

Top stocks were all lower. Telecom shed 7 cents to $2.32, Contact Energy slid 14c to $6.85, while Fletcher Building was down 1c to $5.62.