Most Asian Stocks Advance, Led by Woolworths; Cnooc Declines

By Chen Shiyin and Patrick Rial

July 16 (Bloomberg) -- Most Asian stocks rose, led by suppliers of consumer staples, after Woolworths Ltd., Australia's biggest retailer, said its fourth-quarter sales increased.

Woolworths jumped the most in four months in Sydney. China Southern Airlines Ltd. led gains among transportation companies after oil yesterday fell more than $6 a barrel. Cnooc Ltd., China's largest offshore oil producer, and Mitsubishi Corp., Japan's No. 1 trading company, declined.

``There are bargains to be found in companies that aren't swayed so easily by things like the exchange rate, commodity prices and the direction of the economy,'' said Kenji Tomida, who oversees $16 billion as chief fund manager at T&D Asset Management Co. in Tokyo. ``The drop in oil is either a boon or bane depending on your line of business.''

The MSCI Asia-Pacific Index was little changed at 130.06 at 1:15 p.m. Tokyo time, with five stocks advancing for every four that declined. The benchmark has lost 18 percent this year on signs the global economy is slowing. Federal Reserve Chairman Ben S. Bernanke said yesterday risks to growth and inflation have risen in the U.S.

Japan's Nikkei 225 Stock Average added 0.1 percent to 12,762.95, erasing an earlier loss of 0.7 percent. Australia's S&P/ASX 200 Index gained 1.1 percent. China's CSI 300 Index slumped 3.4 percent, the region's biggest drop.

To contact the reporter for this story: Chen Shiyin in Singapore at schen37@bloomberg.net; Patrick Rial in Tokyo at prial@bloomberg.net