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Asia report: Shares finish turbulent week on mixed note

Fri 19 May 2017 11:00 | A A A

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(ShareCast News) - Asian shares finished the week on a mixed note as earlier losses were reversed on the back of higher oil prices and a rebound in US stocks after better than expected jobless figures.

The mood was slightly calmer after a turbulent week caused by instability in Brazil, where President Michel Temer faces allegations that he had given consent to paying off a witness in a huge corruption scandal.

Japan's Nikkei finished 0.2% higher at 19,590.76, but not before it had ended negative territory for the first time in more than a month.

Share in Takata Corp jumped after reports that four auto manufacturers had agreed to a $553m settlement of a class claim over cars installed with the company's airbags which were potentially defective.

China's Shanghai Composite index ended flat at 3,090.63 after official data showed foreign direct investment fell 4.3% in April compared with 2016.

Hong Kong's Hang Seng index closed 38.35 points or 0.15% higher at 25,174.

Australia's big four banks helped to extend losses on Australian markets with the S&P/ASX 200 down 10.90 points to 5,727.40. Commonwealth, Westpac, ANZ and NAB were all lower.

The banks have been suffering since the ruling Liberal government unveiled plans in the Budget for a AUD$6bn tax on their liabilities to top up Treasury coffers and cover the deficit.

The sectors miseries overshadowed a good day for resources on the back of higher iron ore futures, with BHP and Rio Tinto both gainers on Friday.

New Zealand shares closed higher with the S&P/NZX 50 index up 20.35 points to 7,392.11.

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