ASIAN stocks rose for a sixth day, led by energy producers and mining companies, on speculation raw materials prices will gain as China rebuilds after last week's earthquake and as investors buy gold to hedge against inflation.
Woodside Petroleum Ltd, Australia's second-largest oil and gas producer, jumped the most in 19 years. Newcrest Mining Ltd, surged after gold rallied to a three-week high. Nippon Steel Corp and JFE Holdings Inc, Japan's two largest steel makers, advanced after Toyota Motor Corp said it will pay more for the metal. Hyundai Heavy Industries Co led shipbuilders higher after an index of new ship prices increased to a record.
"Investors are optimistic with commodities because real demand is there and supplies aren't readily available," said Masahiko Ejiri, who helps manage US$26 billion at Mizuho Asset Management Co in Tokyo, reported Bloomberg News.
The MSCI Asia Pacific Index climbed 0.8 percent to 154.98 as of 6:13pm in Tokyo. The six-day, 4.1 percent advance is the benchmark index's longest winning streak since July 2007. A measure of energy producers climbed 3.2 percent yesterday, the biggest gain since March 25.
Confidence surge
MSCI's Asian index has rebounded 17 percent from this year's low on January 22 and is within 1.8 percent of erasing its loss this year as the Federal Reserve's bailout of US banks and the surge in commodity companies restored investor confidence in stocks.
Japan's Nikkei 225 Stock Average added 0.4 percent to 14,269.61. Markets in India, Malaysia, Singapore and Thailand are closed for holidays.
Most other benchmark indexes in Asia advanced, except South Korea, the Philippines, China and Vietnam, where stocks slumped for an 11th day after the central bank raised borrowing costs to tame the highest inflation since 1992.
Pakistan's KSE 100 index fell the most since January 2 as the rupee declined to a record low.
Woodside climbed 10 percent to A$69.50 (US$66.22) - in Sydney, the biggest advance since July 1989. BHP, the world's biggest mining company, advanced 1.8 percent to a record close A$49.55. Newcrest Mining, Australia's largest gold producer, climbed 4.1 percent to A$32.82.