By Chua Kong Ho
Nov. 3 (Bloomberg) -- Asian stocks rose, extending last week's rally, on speculation economic fallout from the global credit crisis can be contained after JPMorgan Chase & Co. said it won't begin new foreclosure proceedings on some U.S. loans.
Westfield Group, the world's biggest shopping mall, gained 2.1 percent, while James Hardie Industries NV, the biggest seller of home siding in the U.S., rose the most in a month as Australia's central bank pumped almost $1 billion into money markets. BHP Billiton Ltd., the world's largest mining company, advanced 3.6 percent after a measure of metals prices completed its biggest weekly gain in more than two years. Korean Air Lines Co. added 1.5 percent as oil declined.
The MSCI Asia Pacific excluding Japan Index rose 4.07, or 1.7 percent, to 247.76 as of 8:12 a.m. in Hong Kong, a fifth- straight advance. All of its 10 industry groups advanced, with financial and raw-material companies posting the biggest gains.
Australia's S&P/ASX 200 Index added 2.8 percent. South Korea's Kospi Index climbed 2.3 percent. Japan's markets are shut for a holiday today.
The MSCI index of Asian stocks that includes Japan rallied 6.9 percent last week, the most in more than a year, as central bank steps to ease credit markets spurred demand for the region's shares, which were at their cheapest level in at least eight years.
The gauge still lost 20 percent in October, part of a sell- off that erased more than $9.5 trillion from the value of stocks worldwide, as credit-related losses and writedowns by financial firms approached $700 billion.
To contact the reporter for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net
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