UPDATE 2-Krispy Kreme Q4 loss narrows, says franchisees stronger

* Q4 per-share results near breakeven

* Says to open stores in China, Malaysia, Turkey

* Says franchisees stronger than last year

* Direct oper expenses fall to $80.1 mln v $96.8 mln

* Shares close up 52 pct

(Recasts, adds background, conference call details, closing price)

April 16 (Reuters) - Krispy Kreme Doughnuts Inc (KKD.N) posted a narrower fourth-quarter loss helped by lower direct operating expenses and charges and falling commodity prices, sending shares up as much as 52 percent.

Krispy Kreme, which competes with privately held Dunkin' Brands Inc, went public in 2001 with a successful offering, but has been struggling with restatements, investigations into its past accounting and a decline in doughnut sales that has seen some franchisees go bankrupt.

However, in a conference call with analysts, Chief Financial Officer Doug Muir said franchisees are stronger today than they were a year ago, and that there will probably be more franchisee openings than closings next year.