Share Prices Advance in Asian Markets

Asian stock prices mostly rose in light trading Friday, closing out a turbulent week.

Japan’s main stock market index rose 1.8 percent, and South Korean shares extended their winning streak into a fourth session as the nation’s main market indicator gained 1.4 percent. Prices edged up in Thailand and Malaysia, while stocks were mixed in China.

Trading was subdued; many financial markets, including those in the United States, were closed for Good Friday.

It was a quiet end to a week that began with global markets plunging on news that JPMorgan Chase would buy the troubled investment bank Bear Stearns, which had been battered by the subprime mortgage crisis.

Asian markets rebounded Wednesday after the Federal Reserve cut rates by a hefty three-quarters of a percentage point, setting off a huge rally on Wall Street.

Wall Street posted a big advance Thursday that left stocks higher for the week. The Dow Jones industrial average rose about 260 points on the day, giving the blue chips a gain of more than 3 percent for the week. Broader indexes finished the week with gains of 2 to 3 percent.

On Friday, Japanese shares were buoyed by gains in property developers and financial issues. The Nikkei 225 index climbed 222.13 points, or 1.81 percent, to close at 12,482.57.

South Korean shares rose amid easing concerns about global inflation after commodities prices declined. The Korea composite stock price index, or Kospi, added 22.30 points, or 1.4 percent, to 1,645.69.

Chinese stocks were mixed, with the benchmark Shanghai composite index edging 0.2 percent lower, to 3,796.58, as the market heavyweight PetroChina fell 4 percent, outweighing gains in steel makers.

The smaller Shenzhen composite index rose 1.4 percent, to 1,173.14.

“The Shanghai index was up over 2 percent at one point yesterday afternoon after plunging more than 6 percent in midmorning, a sign that institutional investors were already beginning to bargain-hunt,” said Yan Li, a Southwest Securities analyst.

That suggests growing confidence that the market may be settling down after falling 38 percent since it hit a record high of 6,124.04 in mid-October, said a Great Wall Securities analyst, Dan Zhaoyang.

In currencies, the dollar was trading at 99.60 yen at midafternoon in Asia, down from 100.00 yen late Thursday in New York. The euro rose to $1.5444, from $1.5433.

Other markets that were closed Friday included Hong Kong, Australia, India, Indonesia, New Zealand, the Philippines and Singapore. Markets in Australia, Hong Kong and New Zealand will remain closed Monday.