Most world markets closed on Good Friday
Asian stocks rise in light trading after difficult week
BANGKOK, Thailand - Asian stock prices mostly rose in light trading yesterday after a turbulent week.
Trading was light, however, as most markets worldwide were closed for Good Friday.
Japan's key stock market index rose 1.8 per cent, while South Korean shares extended their winning streak into a fourth session as its key market indicator gained 1.4 per cent.
Prices edged up in Thailand and Malaysia, while stocks were mixed in China as a benchmark indicator slipped.
Trading was subdued because many financial markets including those in Canada and the United States were closed ahead of the Easter holiday Sunday.
It was a quiet end to a week that began with global markets plunging on news that JPMorgan Chase would buy troubled U.S. investment bank Bear Stearns, which had been battered by the subprime mortgage crisis.
Asian markets rebounded Wednesday after the U.S. Federal Reserve cut rates by a hefty three-quarters percentage point, sparking 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 three per cent for the week. Broader indexes finished the week with gains of two per cent to three per cent.
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 per cent, 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 per cent, to 1,645.69.
But worries linger about the outlook for the American economy and much of Friday's gains in Tokyo were from a short-term adjustments, traders said.
"Gains mainly seemed to be driven by short covering ... rather than real buying power, so it was otherwise very quiet trading in the market," said Motomi Hiratsuka, head of sales trading at BNP Paribas in Tokyo.
Investors that sell "short" are betting that a stock or future contract will fall. Later, they have to buy the stock or contract to meet their obligation from the earlier sale, sometimes covering their gamble at a loss.
Sumitomo Realty & Development, Japan's third-largest real estate developer by revenue, gained 6.9 per cent. Mizuho Financial Group added 4.7 per cent.
In South Korea, banking stocks generally ended higher with Kookmin Bank advancing 6.7 per cent and smaller rival Shinhan Financial Group gaining 5.5 per cent.
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