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Asia shares eek out gains in cautious trade Asia markets lower as oil prices fall
(about 5 hours later)
Asian shares bounced mostly higher on Friday, recovering from the previous session's losses caused by global market jitters. Asian shares reversed earlier gains to head lower as global economic worries and oil prices continued to weigh on markets.
Japan's Nikkei 225 index led the region into positive territory, up 0.5% to 17,334.67 after losing as much as 4% on Thursday. Chinese shares led the region's losses with the Shanghai Composite index down 3.5% at 2,906.88, while the Hang Seng index fell 1.1% to 19,587.74.
Higher oil prices boosted investors' confidence in the struggling sector. Oil prices also reversed gains to head lower in Asian trade.
A higher close on Wall Street also set the trend for Asian investors searching for signs of stability in trading. The collapse in oil prices has spooked financial markets and heightened fears of a global slowdown.
Shares in Sharp jumped 11% after a local media report said Taiwan's Hon Hai Precision was set to invest $5.9bn (£4.1bn) in the struggling electronics maker. The price of US crude oil fell almost 2% to $30.59 a barrel, while Brent crude was down more than 1% to $30.54.
Australia's S&P/ASX 200 index was up 0.1% to 4,912.50, with shares of mining giant BHP Billiton up 2.3%. Both benchmark oil contracts have fallen below $30 a barrel for the first time since the first half of 2004 this week.
Meanwhile in China, the impact of attempts by the central bank to stabilise the currency this week seemed to be fading as shares continued to fall.
"The Chinese equity markets have been more immune to muscular shows of state intervention," said Angus Nicholson, market strategist at trading firm IG.
Rest of Asia
Japan's Nikkei 225 index closed down 0.5% at 17,147.11, was 3.1% lower for the week as a whole.
Shares in Sharp jumped over 14% after a local media report said Taiwan's Hon Hai Precision was set to invest $5.9bn (£4.1bn) in the struggling electronics maker.
Australia's S&P/ASX 200 index ended lower by 0.3% to 4,892.80, with shares of mining giant BHP Billiton up 1.3%.
The global miner has announced that it will book a $7.2bn writedown on the value of its US shale assets as oil prices continue to slump.The global miner has announced that it will book a $7.2bn writedown on the value of its US shale assets as oil prices continue to slump.
In South Korea, the benchmark Kospi index was up 0.1% to 1,902.39 points. In South Korea, the benchmark Kospi index finished down 1.1% at 1,878.87 - closing at a more than four-month low.
Investors shrugged off data showing that the country's exports in December fell 14.1% from a year ago, slightly worse than a 13.8% decline reported initially.
China bucks trend
Chinese shares bucked the regional trend to head lower in early trading.
The Shanghai Composite was down 0.5% to 2,993.94, while Hong Kong's Hang Seng index also lost 0.5% to 19,720.20.
On Thursday, the mainland index was the only major Asian market to end the day in positive territory.
Angus Nicholson, market strategist at trading firm IG, said that some sense of stability had started to show in trading of the Chinese currency after the measures implemented by the central bank.
"But the Chinese equity markets have been more immune to muscular shows of state intervention," he added in a note.