Tokyo - Stock markets across Asia see-sawed Friday between small gains and losses, as investors reacted to mixed signals from Asia's economies, with most markets ending the week down, not able to recover from the earlier plunge.

   Countering the trend, Tokyo stocks climbed Friday after an overnight surge on Wall Street to end trading up almost 3 per cent as investors bought back shares battered by the previous day's losses.

   The Nikkei 225 Stock Average jumped 235.37 points, or 2.78 per cent, to close at 8,693.82. Tokyo's broader Topix index of all first-section issues also gained 29.77 points, or 3.44 per cent, to 894.29.

   The recovery came after Japan's benchmark index plunged 11.41 per cent Thursday.

   Hong Kong shares, on the other hand, fell 4.4 per cent on their third-consecutive day of heavy losses triggered by growing fears of a prolonged global recession.

   The blue-chip Hang Seng Index lost 676.31 points to end the day at 14,554.21, one of its lowest levels in three years.

   Investors in China were cautious, with the Shanghai Composite index which tracks shares traded in local and foreign currencies up 1.18 per cent to 1,930.65. The Shenzhen Component index was up 0.7 per cent to 6,209.5.

   The Taiex index in Taiwan fell 115.57 points, or 2.28 per cent, to 4,960.4, losing its 5,000-point support as jittery investors sold strongly, despite Wall Street's overnight rally.

   South Korea's KOSPI index also closed down 2.73 per cent at 1,180.67, a three-year-low, on concerns over bank funding, with financial stocks accounting for most of the decline. During the week, the KOSPI had seen a roller-coaster ride of daily gains as high as 6.1 per cent and losses as high as 9.4 per cent.

   Stocks in Singapore shares were among those ending the week on a lower note with the Straits Times Index (STI) dropping by 72.69 points, or 3.73 per cent, to close at 1878.51.

   At mid-day, the STI had been up 9.71 points to 1960.91, however, the afternoon saw selling pressure due to gloomy economic outlook despite government support for the banking sector and Singapore dollar deposits.

   Indian markets extended their losses as the benchmark Sensex index fell by nearly 6 per cent, one of the region's biggest losers.

   The 30-share sensitive index was quoted at 9,975.35, down 606.14 points, or 5.73 per cent. The broader 50-share Nifty index also plunged in late trading, down 5.96 per cent to 3,074.35 after small gains earlier in the day.

   Thai shares were down 1.34 per cent the Stock Exchange of Thailand (SET) index fell 6.43 points to 471.31, while in Indonesia, the Jakarta Composite index was down 4.36 per cent to 1,399.42.

   Philippine shares lost ground before the weekend, dropping 24.11 points, or 1.14 per cent, to 2,098.26.

   Australian stocks gave up early gains Friday, closed down 1.06 per cent after gaining 2.8 per cent on the bell. The ASX 200 index eventually gave up 42 points to 4,3970.

   Macquarie Bank economist Lucinda Chan said the reality of a global downturn was weighing on stocks, particularly those backed by commodities.

   The New Zealand stock market bounced back by 1.59 per cent as investors snapped up bargains after share prices fell by 5 per cent the previous day.

   But it was a nervous recovery, with the benchmark NZX 50 index losing ground in the afternoon, ending the day 44 points up at 2808.76.

   US stocks surged on Thursday after a steep dive a day earlier amid ongoing fears of a global recession. The blue-chip Dow Jones Industrial Average closed up 4.68 per cent in a late rally, partly on the back of falling oil prices. (dpa)