Asian Stocks Trading Narrowly Mixed

By Jeremiah Marquez

HONG KONG -- Asian stocks were narrowly mixed Friday amid more corporate gloom and worries that a key U.S. jobs report could show the recession in the world's largest economy is deepening.

Trading fluctuated in a number of markets as investors awaited closely watched non-farm payrolls data, due out later in the U.S., that's expected to show massive job losses -- as many as half a million or more -- in December as a weakening economy led employers to lay off workers and curb hiring.

Dismal corporate news out of Asia also weighed on investors.

In Japan, electronics component maker TDK(TDK Quote) said late Thursday it would cut 8,000 workers and post its biggest net loss ever this fiscal year. South Korean automaker Ssangyong Motor announced Friday it applied for protection from creditors amid the credit crisis to buy time to restructure, calling the move an "unavoidable choice."

"Basically there's not much direction," said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. "People still fear the market will go down. All the economic figures show the global economic is in a mess. It's not going to climb out anytime soon."

Tokyo's Nikkei 225 stock average moved in and out of the green, trading down 0.05% to 8872.18. Hong Kong's Hang Seng index, briefly in negative territory, recovered to gain 1.2%, amid what analysts said was speculation about central government aid for the power sector.

In South Korea, the Kospi shed 0.7% as the country's central bank cut its key interest rate for the fifth time in just three months to help shore up the country's sagging economy. The benchmark index in Australia gained 1.1%.

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