By Laura He, MarketWatch
HONG KONG (MarketWatch) -- Japan stocks closed lower on Friday,
breaking a nine-session string of gains.
The Nikkei Average 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 finished 0.4% lower, while the
yen (USDJPY) strengthened, trading at Yen103.734 against the dollar
from Yen103.840 a day earlier.
Market movers included electronics giant Panasonic Corporation ,
falling 1.4%, computer maker NEC Corp. , losing 1.3%, electronics
maker Sharp Corporation , down 1.2%, and IT services provider
Fujitsu Ltd. , off 1.1%.
Other major Asian markets posted gains.
In Hong Kong, the benchmark Hang Seng Index rose 0.5%, with
index heavyweight China Mobile Ltd. 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. , a major supplier for the likes of
Wal-Mart Stores Inc. (WMT) and Target Corp. (TGT), tumbled 4.6%
after its first-half revenue fell short of market expectations.
Elsewhere, Sydney's S&P/ASX 200 inched up 0.1%, the Shanghai
Composite Index finished 0.5% higher, and Seoul's Kospi Composite
Index snagged a 0.6% gain.
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