SINGAPORE: Asian stocks advanced after prices of oil and metals gained and researchers at Chinas central bank raised their forecast for economic growth.
PetroChina and BHP Billiton rose to record levels, after crude oil, copper and zinc climbed on speculation that a further cut in U.S. interest rates and faster expansion in China would sustain demand for raw materials. Ping An Insurance Group led the benchmark CSI 300 index in China to a fresh high.
“Commodity prices will continue to be well supported because of strong demand from China and India,” said Grace Tam of JF Asset Management. “In the near term, earnings growth at commodity companies is still very good.”
Hynix Semiconductor of South Korea climbed after it stopped selling its products on the spot market, fueling speculation that chip prices are set to rebound as supplies drop. TPV Technologies rose the most in four years as Chi Mei Optoelectronics of Taiwan agreed to buy a stake in the maker of computer monitors.
The Morgan Stanley Capital International Asia-Pacific index rose 0.5 percent to 162.87 points by evening in Tokyo. The measure has added 4.6 percent this week and is poised for a fifth quarterly advance, its longest rally since 1999. Zijin Mining, operator of the largest Chinese gold mine, made the biggest advance this quarter of any stock on the benchmark.
In Japan, the Nikkei 225 average slid 0.3 percent to 16,785.69 points. Mitsubishi Estate declined after the unemployment rate rose unexpectedly and consumer prices dropped for a seventh month.
The Hang Seng index in Hong Kong rose 0.3 percent, completing a quarterly advance of 25 percent.
Benchmarks gained elsewhere, except for New Zealand, Singapore, Indonesia, Sri Lanka and the Philippines. Taiwan was little changed.
Energy companies aided gains in the region. PetroChina, the largest oil explorer in that country, jumped 4.8 percent to 14.74 Hong Kong dollars. Inpex Holdings, the largest oil explorer in Japan, added 0.9 percent to 1.18 million. Woodside Petroleum, a large Australian oil and natural gas producer, advanced 2.6 percent to 50.20 Australian dollars.
The U.S. stock market rose Thursday to the highest level since July as investors speculated that a big plunge in prices for new homes would give the Federal Reserve more reason to lower borrowing costs.
In Europe, the Dow Jones EuroStoxx 50 fell 10.90 points to 4378.08.
The FTSE fell 51.40 points to 6435. The CAC fell 24.85 points to 5708.52, while the DAX fell 10.29 points to 7843.50.