KUALA LUMPUR
Malaysian share prices closed 0.4 per cent higher on Friday on continued bargain hunting and window dressing activities as the first quarter draws to a close, dealers said.

The Kuala Lumpur Composite Index (KLCI) gained 4.38 points to 1,258.41, off a low of 1,247.10.

HONG KONG
Hong Kong stocks rose on Friday, tracking a rebound in mainland stock markets, as some major blue chips posted generally strong earnings and helped restore investor confidence.

The benchmark Hang Seng Index ended 2.74 per cent higher at 23,285.95 points. The China Enterprises Index of Hong Kong-listed mainland companies , or H shares, finished up 5.10 per cent at 12,432.53.

China's main stock index surged nearly five per cent in its biggest daily rise since early February, as rumours swept the market about possible Chinese govenment aid to support stocks.

The benchmark Shanghai Composite Index closed up 4.94 per cent after tumbling 5.42 per cent on Thursday.

Tycoon Li Ka-shing's flagship firms Cheung Kong and Hutchison Whampoa extended Thursday's gains after reporting robust 2007 earnings.

Sourcing firm Li and Fung was down more than 6.9 per cent after its 2007 net profit fell short of market expectations.

SHANGHAI
Chinese share prices soared 4.94 per cent on Friday from previous losses amid speculation of a launch of stock index futures and a stamp duty cut, dealers said.

State media quoted a senior finance researcher at the State Council Development and Reform Research Centre, a major think tank, as saying index futures are needed soon to help institutions hedge stock market risks.

The benchmark Shanghai Composite Index, which covers A and B shares, closed up 168.65 points at 3,580.15 on turnover of 90.3 billion yuan (S$17.82 billion).

The Shanghai A-share Index was up 177.21 points or 4.95 per cent at 3,756.12 on turnover of 90 billion yuan. The Shenzhen A-share Index gained 36.08 points or 3.11 per cent to 1,197.75 on turnover of 40.3 billion yuan.

'The strong rebound in heavyweights could be related to speculation of stock index futures and renewed hopes that the government will lower the stamp duty for stock transactions,' said Hua Xin, an analyst with Founder Securities.

'I think it is an appropriate time to launch stock index futures because the market has not much room to fall further,' Mr Hua said.

China tripled stamp duty last year to 0.3 per cent, but following recent steep declines in share prices rumours have proliferated that the government may reduce it again.

TOKYO
Japan's benchmark Nikkei closed up 1.7 per cent on a wave of buying by investors seeking to raise their portfolio value ahead of the fiscal year-end, led higher by property firms such as Mitsubishi Estate.

Friday's rise snapped a two-day losing streak and helped the Nikkei gain roughly 2.7 per cent on the week, its biggest weekly gain since mid-February.

The benchmark Nikkei finished up 1.71 percent at 12,820.47 after earlier rising more than 2 per cent. The broader Topix was up 1.4 per cent at 1,243.81. -- REUTERS