Most Asian Stocks Gain, Led by BHP, Nippon Yusen; Banks Decline

By Chen Shiyin

Aug. 14 (Bloomberg) -- Most Asian stocks climbed after a rebound in oil and metals prices boosted raw-material suppliers and transportation companies. Financial shares dropped after Merrill Lynch Co. said the credit crisis is far from over.

BHP Billiton Ltd., the world's largest mining company, rose in Sydney, driving a measure of Asian commodity producers to the biggest gain since April 23. Nippon Yusen K.K., Japan's No. 1 shipping line, advanced in Tokyo. National Australia Bank Ltd. fell after Merrill's chief strategist Richard Bernstein said investors are underestimating the size of the credit crisis.

About four stocks dropped for every three that gained on the MSCI Asia Pacific Index, which was little changed at 126.26 as of 10 a.m. in Tokyo. The gauge has slumped 20 percent this year as accelerating inflation and slower growth assailed the region's economies and global financial companies posted writedowns and credit losses of more than $500 billion.

Japan's Nikkei 225 Stock Average rose 0.3 percent to 13,057.30. Limiting gains, NTT Urban Development Co. led the nation's developers lower after condominium builder Urban Corp. filed for court protection yesterday with $2.35 billion in debt.

U.S. stocks dropped yesterday for a second day after earnings from Deere & Co., the largest maker of tractors, disappointed investors and the Commerce Department reported the first decrease in chain-store sales in five months.

Crude oil for September delivery advanced 2.6 percent to $116 a barrel, the largest gain since July 30, and futures climbed as much as 0.5 percent to $116.53 today. A measure of six metals traded on the London Metal Exchange rose 3.2 percent, its largest gain since March 27.

The rebound in commodity prices coincided with a rebound in the Baltic Dry Index, which tracks transport costs of raw commodities on international trade routes. The gauge gained 1.5 percent yesterday, ending a 23-day, 25 percent slump.

To contact the reporter for this story: Chen Shiyin in Singapore at schen37@bloomberg.net.