Manila – Asian shares mostly fell on Friday, after a respite from Wall Street's recent feverish rally. The price of gold also pulled back from record highs following recent torrid runs.

The future for the S&P 500 and the Dow Jones Industrial Average were both up less than 0.1 per cent. Oil prices slipped.

Nearly all Asian indexes fell except for South Korea's Kospi, which climbed 1.7 per cent to 3,610.60 as trading reopened after a holiday. India's BSE Sensex also gained, adding 0.4 per cent.

The Kospi's surge was fuelled by a rally of tech shares including SK Hynix, which rose 8.1 per cent. Samsung Electronics added 6.2 per cent, boosted by news that Nvidia-backed Reflection AI had raised USD 2 billion in funding, increasing its market value to USD 8 billion.

Japan's Nikkei 225 closed 1 per cent lower to 48,088.80, pulling back from big gains the previous day after data showed producer prices rose more than expected in September.

Hong Kong's Hang Seng index shed 1.8 per cent to 26,277.84, while the Shanghai Composite index slipped nearly 1 per cent to 3,894.56.

Australia's S&P/ASX 200 slid more than 0.1 per cent to 8,958.30. Taiwan's stock market was closed for a holiday.

On Thursday, the S&P 500 slipped 0.3 per cent from its latest all-time high for just its second loss in the last 10 days, closing at 6,735.11. The Dow Jones Industrial Average dropped 0.5 per cent to 46,358.42, and the Nasdaq composite edged down by 0.1 per cent to 23,024.63.

Gold also fell following its stellar rally this year, losing 2.4 per cent to drop back below USD 4,000 per ounce, while Treasury yields held relatively steady in the bond market. They're taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.

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