In Hong Kong, the benchmark Hang Seng Index ended down 233 points, or 0.89 percent, at 26,160.
The China enterprises index was down 60 points, or 0.67 percent, at 8,845 while the tech index was down 49 points, or 0.97 percent, at 5,042.
“In the very near term, Hong Kong could have bigger rebound upside versus the A-share market given its higher correlation with the global market,” analysts at Morgan Stanley said in a note.
“While near-term tensions have eased, we continue to see energy security and high-end manufacturing as key medium-term themes, with China well positioned to gain share amid a global capex upcycle and the ongoing push for self-sufficiency.”
Up north, the benchmark Shanghai Composite Index ended flat, down four points, or 0.1 percent, at 4,051, snapping five straight winning sessions.
It was, however, up 1.64 percent for the week.
The blue-chip CSI300 Index lost 0.17 but was up 1.99 percent for the week.
The Shenzhen Component Index closed 89 points, or 0.6 percent, higher at 14,885 while the ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 52 points, or 1.43 percent, at 3,678.
Liquor and consumption were among the biggest losers, dragged lower by Kweichow Moutai’s weaker annual results.
China will continue to diversify its energy imports and boost energy reserves to help enhance its capacity to cope with an “emergency situation”, Wang Changlin, vice chair of the country’s state economic planner, said on Friday.
Meng Lei, China equity strategist at UBS Securities, said changes in the Middle East situation would have the biggest impact on Chinese export-oriented companies.
“If global oil prices rise too high to suppress overseas demand, China’s export sector will suffer,” Meng said.
“A large number of Chinese companies export to and expand into the Middle East market. These companies could face potential pressure regarding whether they will be adversely affected by the relatively unstable situations in the region.”
Meng added that investors have not fully priced in the upward growth momentum in earnings for A shares, as the upward trend should be more pronounced if oil prices rise.
China is due to release its monthly fixing of the benchmark loan prime rates on Monday.
All participants in a survey expected no change.
In Tokyo, the Nikkei ended 1,042 points, or 1.75 percent, at its intraday low of 58,475 but is up 2.7 percent for the week.
The broader Topix fell 53 points, or 1.41 percent, to 3,760 and was up 0.56 percent for the week.
In Seoul, the Kospi closed down 34 points, or 0.55 percent, at 6,191 but was up 5.68 percent for the week. (Reuters/Xinhua)
