Asian Shares Mixed; Tech Stocks Rally

(RTTNews) - Asian stocks ended mixed on Friday, even as softening Fed expectations and bullish forecasts on AI demand lifted technology stocks.

The dollar consolidated weekly gains while gold headed for a weekly loss on the recalibration of Fed rate-cut bets.

Oil prices were tad lower after rising in the U.S. trading session overnight on heightened geopolitical tensions, higher forecasts for global oil demand and data showing a drop in U.S. crude stockpiles last week.

China's Shanghai Composite index dropped 0.47 percent to 2,832.28 after reports that the country's largest brokerage has suspended short selling for some clients in mainland markets.

Hong Kong's Hang Seng index fell 0.54 percent to 15,308.69, marking a third consecutive weekly loss on worries about China's economic recovery.

Japanese shares snapped a three-day losing streak and ended at a fresh 34-year high, as signs of slowing inflation for a second straight month boosted bets the Bank of Japan will keep its ultra-low interest rates steady next week.

The Nikkei average rallied 1.40 percent to 35,963.27 while the broader Topix index settled 0.72 percent higher at 2,510.03.

Technology stocks rose, with Screen Holdings, Tokyo Electron and Advantest climbing 6-8 percent on hopes for robust semiconductor demand this year.

Seoul stocks advanced and ended the week with notable gains, with big tech stocks leading the way. The Kospi average jumped 1.34 percent to 2,472.74. Market bellwether Samsung Electronics surged 4.2 percent and No.2 chipmaker SK Hynix added 3.7 percent.

Australian markets snapped a five-day losing streak, with miners, financials and energy stocks pacing the gainers.

The benchmark S&P/ASX 200 gained 1.02 percent to close at 7,421.20 while the broader All Ordinaries index ended 1.01 percent higher at 7,652.30.

Whitehaven Coal rallied 3.8 percent after reports that the coal miner is exploring options to sell a 20 percent stake in the Blackwater mine to global steelmakers.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index ended down 0.18 percent at 11,666.07, giving up initial gains.

U.S. stocks rose overnight as AI optimism buoyed tech stocks, offsetting investor anxiety surrounding possible interest rate cuts.

A measure of weekly jobless claims dropped to the lowest level in nearly 1-1/2 years in a sign of a tight labor market.

Atlanta Federal Reserve President Raphael Bostic said he expects policymakers to start cutting rates in the third quarter of this year and the goal ahead is to calibrate policy to be not so restrictive.

The tech-heavy Nasdaq Composite surged 1.4 percent, the S&P 500 added 0.9 percent and the Dow rose half a percent.