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Asian shares mostly down; Nikkei leads declines

Asian equities were mostly lower on Friday, as Thursday's contractionary reading on HSBC's flash Chinese Purchasing Managers' Index (PMI) and disappointing corporate earnings weighed on trading sentiment.

Nikkei drops 2%

Japanese shares extended Thursday's losses. The fell to a one-month low of 15,288 earlier in the session on the back of a stronger yen at a two-week high.

"Sentiment was already poor because of the poor U.S. jobs data released early this month, and it was exacerbated by the Chinese figures. The market is very cautious about the next U.S. jobs data to be released in two weeks. If the market is disappointed again, the Japanese market may enter a correction phase," said Naoki Kamiyama, head of Japan equity strategy at Bank Of America Merrill Lynch according to Reuters.

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Top losers include Daiichi Sankyo, which tumbled 6.4 percent, after its Indian subsidiary Ranbaxy Laboratories received further bans from the U.S. Food and Drug Administration.

Electric stock Yaskawa Electric plunged more than 6 percent, while Mitsubishi Electric lost nearly 4 percent.

Shanghai up 0.6%

Chinese shares rebounded from Thursday's loss, posting their first weekly gain in a month.

Financial and property stocks led the surge as investors looked for bargains after liquidity concerns eased. Vanke rallied 4 percent, Poly Real Estate added 3 percent while Hua Xia Bank gained 1.2 percent.


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