Most Asian Markets Finish Lower

In Asia, Japan's Nikkei 225 stock average lost 1.6% to close at 8,707.99, while Hong Kong's Hang Seng added 0.3%.

South Korea's Kospi fell 1.1%. The Korean economy, Asia's fourth largest, narrowly avoided slipping into recession in the first quarter as government pump priming offset a slump in exports, but officials still predict a contraction for the full year.

Markets in Australia and China also fell.

Tech stocks were battered after Samsung, the world's biggest manufacturer of computer memory chips, said net profit plunged 72% in the first quarter, showing more fallout from sharply lower consumer spending worldwide. Its shares fell 5.6%. In Japan, chipmaker Elpida Memory tumbled almost 12%.

Shares in Asian automakers also were a wreck as struggling U.S. car company Chrysler rushed to devise a restructuring plan before a government deadline. The Treasury Department is preparing a Chapter 11 bankruptcy filing for the company, according to a New York Times report.

In Tokyo, Toyota(TM Quote) shifted down a gear, falling 1.3%, and Nissan(NSANY Quote) reversed 4.1%. Hyundai skidded 2.8% in Seoul.

Banks were a rare bright spot, with Japanese mega lender Mitsubishi UFJ (MTU Quote) up 3.4%. Nomura closed down 1.2% before announcing that it lost 709.4 billion yen ($7.3 billion) for the fiscal year.

Traders looking to the U.S. found little direction after Wall Street finished another back-and-forth session on Thursday with modest gains.

The Dow Jones industrial Average finished up 70.49, or 0.9%, to 7,957.06, making up most of Wednesday's loss of 83 points. The S&P 500 index rose 8.37, or 1%, to 851.92.