Economic Calendar

Thursday, July 31, 2008

Asian Stocks Climb, Led by Commodity Producers; BHP Advances

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By Chua Kong Ho

July 31 (Bloomberg) -- Asian stocks rose for a second day, led by commodity producers after oil climbed more than $4 a barrel and prices of metals advanced.

BHP Billiton Ltd., the world's largest mining company, and Woodside Petroleum Ltd., Australia's second-biggest oil producer, led gains. NTT DoCoMo Inc., Japan's No. 1 mobile-phone operator, advanced after saying first-quarter profit rose 41 percent. NEC Electronics Corp., Japan's third-biggest chipmaker, climbed to a six-week high after swinging to a first-quarter operating profit.

The MSCI Asia Pacific Index gained 0.6 percent to 132.88 as of 9:09 a.m. in Tokyo. About six stocks rose for each that declined. All 10 of the index's industry groups advanced, with raw-materials producers posting the biggest gain.

Japan's Nikkei 225 Stock Average added 0.6 percent to 13,448.51. Australia's S&P/ASX 200 Index rose 1.5 percent, and South Korea's Kospi Index gained 1.1 percent.

In the U.S., the Standard & Poor's 500 Index rose 1.7 percent, led by the biggest gain in energy shares in six years as oil prices increased and a private report showed an unexpected rise in jobs.

Crude oil rose $4.58, or 3.8 percent, to $126.77 a barrel yesterday, the highest close since July 22, after a U.S. Energy Department report showed gasoline inventories declined for the first time in five weeks.

A measure of six metals traded on the London Metal Exchange advanced 0.8 percent. Copper rose 1.3 percent and nickel 3.9 percent.

To contact the reporter for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net;


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