HONG KONG — World stock markets opened 2009 on a high note, with Hong Kong's index up more than 4 percent, as investors shrugged off more dreary economic news to focus on government moves to ease the global slump.

With most investors away for the holidays and more than half of Asia's markets still closed, trading volumes were extremely light, which exaggerates price moves. Chinese telecom firms surged after Beijing approved next-generation mobile licenses, and commodity companies were lifted by stronger prices for raw materials. European benchmarks followed Asia higher in early trade.

But many analysts found little reason to be optimistic about the world economy as a whole. After one of the worst years ever for global equities, many expect more volatility in the first half as the effects of falling exports and higher capital costs start showing up on company balance sheets.

Across Asia there were signs of further deterioration in local economies.

Singapore said today its economy shrank for a third consecutive quarter, by 12.5 percent, and lowered its 2009 growth forecast, saying the economy could contract as much as 2 percent or in the best case scenario grow just 1 percent.

China's manufacturing sector, which accounts for 43 percent of the economy, contracted for a fifth straight month in December, according to a CLSA survey. South Korea, Asia's fourth-largest economy, suffered a trade deficit for 2008 — its first in a decade.

For their part, South Korean investors seemed to ignore the downbeat news after President Lee Myung-bak said his priority in the new year would be combating the global economic crisis.