Prices stablized on the Tokyo Stock Exchange in early trading today after markets around the world saw another wave of sharp declines yesterday.

The 225-share Nikkei stock average, which lost 1,096.22 points, or 4.7 percent of its value, on yesterday, ended the morning session today up 75.60 points, or .3 percent, at 22,278.16.

There was much buying by Japanese trust banks, and one securities analyst said this buying may have followed a request from the Finance Ministry for intervention. Foreigners still sold heavily.

The Hong Kong market also stabilized after a weak opening. At the end of today's morning session, the Hang Seng index, the Hong Kong market's prime guage, stood at 2,350 points, up 108.31 points from yesterday's disastrous finish.

The sharp tumble yesterday on the Tokyo and Hong Kong exchanges triggered a wave of stock-dumping that swept across Europe and helped drive the Dow Jones average of 30 industrials down 156.83 points to 1,793.93, its second-largest point loss ever.

The Hong Kong exchange opened after a four-day suspension only to suffer its biggest drop in history. The Hang Seng index, the Hong Kong market's prime gauge, closed at 2,241.69, down 1,120.70 points or 33 percent from the previous close four days earlier.

Financial secretary Piers Jacob said he did not want to "draw firm conclusions" from the day's record plunge. "Despite the high turnover, the market operated in an orderly manner," he said.

The downward trend, helped along by the Tokyo losses, was firmly established by the time trading began later in London. The Financial Times-Stock Exchange 100-share index, which had been off as much as 157 points, lost 6.2 percent in closing down 111.1 points at 1,684.1.

George Hodgson of the brokerage Citicorp Scrimgeour Vickers and Co. said it will take "something very dramatic and funamental" to turn share prices around and said he doubted President Reagan would provide it.

"I think it's going to have to come more from the markets themselves . . . and the institutions themselves driving prices back up," he said.

European traders, whose dealings are sandwiches between the end of trading in Asia and the start of activity in New York, awaited Wall Street's opening yesterday with trepidation.

the London market staged a late rally on news that underwriters of the British Petroleum Co. PLC share offering were seeking a meeting with Treasury officials to discuss the issue, fueling speculation that the offer might be canceled.

The government had planned to sell 1.2 billion BP shares to the public, but there is increasing concern that the troubled market may not be able to absorb the volume.

Sir Nicholas Goodison, chairman of the London Stock Exchange, blamed the recent collapse in overall share prices on U.S. budget and trade deficits.

Prices also took a nosedive on other European exchanges. In Paris, the general market indicator dropped 7.84 percent. Declines overwhelmed advances 191 to 11.

Prices also moved lower in Frankfurt, where the Frankfurter Allgemeine Zeitung index fell 31.48 to 510.36.

In Milan, share prices dropped an average 5 percent, with blue-chip issues losing as much as 2 percent of their value. One senior Milan broken said, "If Wall Street has another collapse later in the day, we can expect harder times tomorrow."

In Switzerland, prices fell to a new low for the year. The Credit Suisse index closed down 12.2 percent at 460.7.

The Madrid stock market sustained a 5.4 percent plunge in its general index. the general index closed down 14.52 at 255.30 as less than half of the market's 380 stocks found buyers.

In Canada, Toronto's 300-share composite index was off 232.90 points to 2,846.49. Share prices also declined on the Montreal exchange, where the portfolio index fell 108.30 points to 1,435.94. declining issues outnumbered advancers 549 to 78.

The Mexican stock market plunged 42,553.02 points, adding to the heavy losses sustained in the past two weeks of trading. The exchange has been one of the world's fastest growing for more than a year.

The Index of Prices and Quotations ended the day at 214,901.12, off 16.5 percent from its close on Friday. The price index is made up of the stock prices of 52 companies and is the main gauge of market activity.