ASX jumps 1.5%
Australia's S&P ASX 200 index was the top performer for the day, bolstering to a one-week high amid a broad-based rally. For this week, it is up 0.94 percent.
The materials and energy sectors traded on the plus side, on the back of support from firmer iron ore, gold and crude oil prices. Fortescue Metals and BC Iron led gains by jumping 5 percent each. Oil-related counters Santos and Origin Energy finished up 2.6 and 2.8 percent, respectively.
Banks were also buoyant; Australia and New Zealand Banking and Commonwealth Bank of Australia advanced more than 1 percent each.
"[The ASX] is up on the back of further gains in oil and iron ore prices and presumably hopes that any further stimulus initiatives by Chinese authorities going forward will place a floor under the country's economic growth dynamics," Patersons Securities wrote in a note. China is Australia's largest trade partner.
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Mainland indices lower
The possibility of more initial public offerings (IPOs) dampened China's Shanghai Composite on the final trading day of the week. Towards the end of the afternoon session, the Shanghai bourse trimmed losses from 1.6 percent to eventually finish Friday 0.5 percent lower.
Meanwhile, a senior official at the mainland's top economic planner said that China will do more to bolster its cooling economy as policymakers still have room to increase policy support. However, the statement did not seem to have much of a positive boost for markets.
Banking and property heavyweights were among the top losers; China Vanke and Poly Real Estate receded 2.3 and 4 percent, respectively, while Bank of China and Industrial and Commercial Bank of China closed down nearly 3 percent each.
Securities firms like Citic Securities and China Merchants Securities sold off 4 percent each seemingly on the back of speculation that China's securities regulator could raise taxes on local stock investors.
Outperforming the bourse was state carrier China Eastern Airlines, which surged the daily maximum allowable of 10 percent, following the announcement of a private share sale.
After dropping as much as 236 points earlier in the day, Hong Kong's Hang Seng index clawed back losses to end up 0.5 percent.
Shares of HSBC elevated 3.5 percent ahead of its annual general meeting at 1800 SIN/HK in London.