Asian Stocks Rise on Profit Gains, Lower Oil; Matsushita Surges

By Chua Kong Ho

July 30 (Bloomberg) -- Asian stocks rose, led by Matsushita Electric Industrial Co. and Nidec Corp. after the companies posted higher earnings and oil dropped to a 12-week low.

Matsushita, the world's largest consumer-electronics maker, surged the most in three months after profit rose more than analysts estimated. Nidec, the largest maker of motors for computer hard-disk drives, advanced the most in almost four months. Korean Air Lines Co. led carriers higher on speculation cheaper oil will cut operating costs.

The MSCI Asia Pacific Index gained 1 percent to 131.37 as of 9:14 a.m. in Tokyo. About five stocks rose for each that declined, with all 10 of the index's industry groups advancing.

Japan's Nikkei 225 Stock Average gained 0.9 percent to 13,275.42. All markets open for trading in Asia climbed.

In the U.S., the Standard & Poor's 500 Index added 2.3 percent as retailing stocks rallied on falling oil prices and consumer confidence recovered in July from a 16-year low. Futures on the S&P 500 were little changed.

MSCI's benchmark index for Asia has fallen 24 percent from its Nov. 1 record as worldwide writedowns and credit losses stemming from the collapse of the subprime mortgage market exceeded $473 billion.

Crude oil for September delivery fell 2 percent to $122.19 a barrel in New York, the lowest close since May 6. Oil has dropped 17 percent since its July record as the rising dollar reduced the appeal of commodities as an inflation hedge.

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