Asia shares mixed after US stocks dip

HONG KONG: Asian shares were mixed on Friday after US stocks dipped on weaker-than-expected economic data following recent record-breaking gains.

The dollar gained slightly in Asia as investors cautiously adjusted their positions following the unit's recent surge with brokers saying plenty of players, including importers, were willing to buy on dips.

Tokyo stocks lost 0.12 percent by the break, Shanghai gained 0.12 percent while Sydney rose 0.45 percent.

Hong Kong and Seoul were closed for public holidays.

Japanese shares faced selling pressure from the outset as foreign hedge funds locked in gains, brokers said.

"Large cap stocks continue receiving bids from mutual funds overseas, but many hedge funds have started taking profits," said Kenichi Hirano, market analyst at Tachibana Securities. "Small- to mid-cap stocks are suffering."

US investors took a pause on Thursday from a recent winning streak, selling off after a disappointing earnings report from Walmart and some middling economic data.

The Dow Jones Industrial Average dropped 0.28 percent to 15,233.22, while the broad-based S&P 500 fell 0.50 percent to 1,650.47.

Investors were also unimpressed by a rise in initial jobless claims by 32,000 to 360,000. New building permits soared in April, but housing starts plummeted.