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Asia stocks mixed; India hits record high on Modi win

Asian stocks ended mixed on Friday following a selloff in global markets while Indian shares outperformed after early results declared opposition leader Narendra Modi the country's new prime minister.

Wall Street shares fell for a second session as the 10 year Treasury yield dropped below 2.5 percent to a fresh six-month low. Both the Dow Jones Industrial Average and the S&P 500 lost 1 percent each while the Nasdaq closed down 0.8 percent.

Meanwhile, German and French benchmark indices lost over 1 percent each while Spain's Ibex dropped over 2 percent after data showed the euro zone economy grew a quarterly 0.2 percent in the first three months of the year.

Read MoreAre Indian stocks due for a post-election correction?

Symbol
Name
Price
 
Change
%Change
NIKKEI
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HSI
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ASX 200
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SHANGHAI
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KOSPI
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CNBC 100
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Sensex finishes 0.9% higher

Indian shares pared gains following a 4 percent rally earlier in the session but the benchmark index still soared to a fresh record high after early vote counting in the country's five-week long general election indicated a landslide victory for Modi's pro-business Bharatiya Janata Party (BJP).

The rupee strengthened over 1 percent to an eight-month high against the dollar.

Read MoreLatest on the India election results here

Nikkei drops 1.4%

Japanese shares fell to an over one-week low, extending losses into a third straight session. For the week, the benchmark Nikkei index was the region's sole loser, down 0.7 percent - its third weekly loss in a month.

Meanwhile, the yen continued to extend gains after hitting a more than one-month high of 101.3 per dollar in the previous session, which weighed on exporters. Among the biggest losers, Sony lost 3 percent after closing down 6 percent in the previous session while index heavyweight SoftBank closed down 3.5 percent.

Defense-related shares were in focus after Prime Minister Abe called for a reinterpretation of the country's pacifist constitution to allow the use of collective self defense.Mitsubishi Heavy and Kawasaki Heavy Industries lost nearly 2 and 1.6 percent, respectively.

On the economic front, revised industrial output for March rose 1.4 percent from February.

Read MoreTimeline of latest flare-up in Asia tensions

China shares mixed

China's benchmark Shanghai Composite managed to end just above the flatline after hitting a one-week low earlier in the session. The index was little changed after data showed foreign direct investment rose an annual 3.4 percent in April.

Financials were in focus on news that China is relaxing rules for securities companies to allow them to expand their business and offer new products. Citic Securities eased 2.5 percent while China Everbright Securities was flat.

Meanwhile, Hong Kong shares snapped their five-day winning streak with the Hang Seng Index falling 0.1 percent. CITIC Pacific dipped 0.3 percent after saying that it secured $5.1 billion to help fund a purchase of $36 billion in assets from its state-owned parent company.

ASX down 0.6%

Australia's S&P ASX 200 headed lower after ending at its highest level in two weeks on Thursday. Still, the index managed to rise 0.3 percent for the week, its second straight week of gains.

SFG Australia surged 18.5 percent after agreeing to a takeover bid by larger financial services rival IOOF for $626.4 milion. IOOF shares rose 1.5 percent on the news.

Food company Goodman Fielder closed down 1 percent after Singapore's Wilmar raised its takeover offer to 70 cents a share.

Read MoreWhy long-short stock funds may make a comeback

Kospi 0.2% higher

South Korean shares erased losses to close higher, trading within sight of Wednesday's 2014 high. Losses in blue-chip stocks weighed down the benchmark Kospi, with a 2 percent decline in Hyundai Motor and a 1.8 percent loss for Kia Motors.

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