The gain in Hong Kong led Singapore to post a new record close, and markets also gained ground in Australia, Malaysia, Indonesia, the Philippines and Thailand. Shares fell in New Zealand, South Korea and Taiwan.

Japanese stocks slipped in light trading, weighed down by declines in technology shares after Casio Computer slashed its profit forecast.

The Nikkei 225 index declined 0.16 percent to 17,065.04 points on the Tokyo Stock Exchange.

Many investors were reluctant to place big bets ahead of a three-day weekend in Japan and before the release of widely watched U.S. employment data later Friday.

Those job figures could give investors a clearer idea about the outlook for the U.S. economy — a key export market for Japan — and the likelihood of another U.S. interest rate cut.

“The three-day weekend and U.S. employment data are keeping trading volumes down,” said Junichi Misawa, a fund manager at STB Asset Management.

Consumer electronics and components maker Casio Computer Co. plunged 19 percent to 1,272 yen, a new closing low for the year, after the company slashed its net income outlook by 39 percent to 17 billion yen for its financial year ending March 31, 2008.

Other technology stocks were also weighed down by the Casio news.

Chip-testing equipment maker Advantest Corp. dropped 4.6 percent to 3,500 yen.

The broader Topix index, which includes all Tokyo Stock Exchange’s first section issues, rose 0.08 percent to 1,656.91 points. The Topix fell 0.51 percent the day before.

Japanese financial markets will be closed Monday, Oct. 8, for the National Sports Day holiday.

In Hong Kong, though, shares bounced back strongly from a two-day drop as traders bought bourse operator Hong Kong Exchanges and other stocks judged to have fallen to attractive levels.

The Hang Seng Index rose 3.2 percent to 27,831.52. The previous two days, the index had tumbled a combined 4.3 percent.

Traders said they expect the index to continue to rise next week.

“The upward momentum remains intact due to abundant liquidity,” said Francis Lun, general manager of Fulbright Securities. “The index could test 28,000 next week, mainly driven by China-related stocks.”

The index has gained 37 percent since Aug. 17, when it hit a low point in the depth of the global credit crunch sparked by U.S. sub-prime mortgage problems.

Hong Kong Exchanges and Clearing was the biggest blue chip gainer Friday, soaring 6.9 percent to HK$244.20, after Goldman Sachs raised its target price to HK$280 from HK$213.

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