Asian stocks end chaotic week on calm note

Asian stock prices mostly rose in light trading Friday after a turbulent week, while the dollar fell against the yen and the euro.

Most financial markets worldwide were closed for Good Friday.

Japan’s key stock index rose 1.8%, as South Korean shares extended their winning streak into a fourth session, climbing 1.4%. Prices edged up in Thailand and Malaysia, while stocks were mixed in China.

It was a quiet end to a week that began with global markets plunging on news that JPMorgan Chase & Co. would buy troubled U.S. investment bank Bear Stearns Cos., which had been battered by the sub-prime mortgage crisis and rumors of a cash squeeze.

Japanese shares were led up Friday by property developers and financial issues. In South Korea, stocks rose on easing concerns about global inflation after commodity prices declined.

Sumitomo Realty & Development, Japan’s third-largest real estate developer by revenue, gained 6.9%. Mizuho Financial Group added 4.7%.

In South Korea, banking stocks generally ended higher with Kookmin Bank advancing 6.7% and smaller rival Shinhan Financial Group gaining 5.5%.

Thailand’s key index rose 0.7%, while Malaysia’s market inched up 0.2%.

Chinese stocks were mixed, with the benchmark Shanghai Composite Index falling 0.2% as oil giant PetroChina fell 4%, outweighing gains for steel makers. The smaller Shenzhen Composite index rose 1.4%.

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

That suggests growing confidence that the market may be settling down after falling 38% since it hit a record high in mid-October, said 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.

Markets in Australia, Hong Kong and New Zealand will remain closed Monday.