Most Asian markets fell on Friday, unnerved by the return of Covid restrictions in Shanghai after new infections were reported, while millions in the city face mass testing over the weekend, report agencies.
But China stocks rose on Friday, ending their strongest week in nearly 16 months on a surge of buying by foreign investors, while tech firms in Hong Kong overcame broader equity market weakness on hopes for easing regulatory pressure.
At the close, the Shanghai Composite index was up 1.42 per cent at 3,284.83. The blue-chip CSI300 index was also up 1.52 per cent, rising 3.65 per cent for the week - its biggest weekly gain since early February 2021.
In Hong Kong, the Hang Seng index slipped 62.87 points, or 0.29 per cent, to 21,806.18 amid broad regional weakness ahead of the US inflation data.
The sharp rise in A-shares was driven by foreign buying, with Refinitiv data showing inflows of nearly 18.2 billion yuan through the Stock Connect programme's Northbound leg, the largest daily inflow since December 9, 2021.
The smaller Shenzhen index ended up 1.94 per cent and the start-up board ChiNext Composite index was higher by 2.25 per cent as hopes for easing policy restrictions boosted sentiment.
Those hopes also lifted tech shares in Hong Kong, with the Hang Seng Tech index swinging around from a 3 per cent drop in morning trade to end 1.62 per cent higher - up nearly 10 per cent on the week.
Indian shares fell 1 per cent on Friday and kept benchmark indexes on course for their first weekly drop in four, as investors across the globe worried about the impact of aggressive monetary policy tightening on economic growth.
The NSE Nifty 50 index dropped 1.68 per cent to 16,201.80 at 10.42 GMT and the S&P BSE Sensex fell 1.84 per cent to 54,303.44, hammered by losses in technology and metal stocks.
"Global stock markets are seeing negative moves post the ECB meeting. Until the next US Fed outcome, Indian markets could remain directionless," said Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services.
MSCI's Asia ex-Japan stock index was weaker by 0.83 per cent, while Japan's Nikkei index fell 1.49 per cent.
The Nikkei slipped to 27,824.29, below the key psychological level of 28,000 and retreating from a near five-month peak of 28,389.75 hit on Thursday. But the benchmark rose 0.23 per cent this week in its fourth straight weekly gain.
The broader Topix dropped 1.32 per cent to 1,943.09, but rose 0.51 per cent for the week.
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