Tokyo leads rebound for Asian shares

Tokyo stocks led a rebound on Asian markets Friday, reversing losses in the previous session as regional bourses took their cue from Wall Street, which shrugged off disappointing economic data. Asian markets were mostly heading for a strong finish to the week, after a downturn Thursday triggered by a trio of gloomy figures from China, the US and Japan that cast a pall over the economic outlook. Tokyo stocks closed up 2.88 percent, regaining ground lost the previous day as the yen weakened, giving a boost to exporters. The Nikkei-225 index, which fell 2.15 percent Thursday, added 416.49 points to finish at 14,865.67. Sydney gained 0.49 percent, or 26.4 points, to close at 5,438.7 and Seoul shares jumped 1.41 percent, or 27.26 points, to 1,957.83. Hong Kong shares also took heart from the US rally, closing up 0.78 percent, or 174.16 points, to 22,568.24. But Chinese shares extended their losses in afternoon trade, as concerns lingered over the health of the economy after a much-watched index on Thursday showed Chinese manufacturing activity at a seven-month low. The benchmark Shanghai Composite Index dropped 1.17 percent, or 25.09 points, to close at 2,113.69 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, slipped 0.37 percent, or 4.26 points, to 1,135.01. US stocks rallied to a near record high Thursday, as investors chalked up disappointing construction and unemployment figures to the impact of the severe winter, according to AFP.