Most Asian Stocks Rise

Most Asian Stocks Rise on Increase in Metal Prices, Weaker Yen

By Shani Raja and Lisa Pham

July 12 (Bloomberg) -- Most Asian stocks rose as gains in metal prices bolstered mining companies and a weakening yen boosted Japanese exporters.

Rio Tinto Group, the world’s third-largest mining company, advanced 1 percent in Sydney and Newcrest Mining Ltd., Australia’s No. 1 gold producer, climbed 1.7 percent. Santos Ltd., Australia’s third-biggest producer of oil and gas, gained 1.7 percent after a ratings upgrade. Sony Corp., the maker of Bravia televisions and Cyber-shot cameras, surged 3.7 percent in Tokyo as the yen weakened to its lowest level this month against the dollar. Japanese stocks rose, reversing declines after the ruling Democratic Party of Japan lost control of the upper house in elections yesterday.

“There’s been some abating of double-dip concerns and fresh optimism ahead of the reporting season,” said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors Ltd., which holds $90 billion. “There are still a few political and economic uncertainties on the horizon.”

The MSCI Asia Pacific Index was little changed at 115.99 as of 10:59 a.m. in Tokyo, with about three shares advancing for every two that fell. The gauge has slumped 10 percent from its high this year on April 15 on concern Europe’s debt crisis and Chinese steps to curb property prices will hurt global growth.

Futures on the Standard & Poor’s 500 Index fell 0.2 percent. The gauge rose 0.7 percent in New York on July 9 amid optimism about earnings reports and a rally in metals prices.

Japanese Prime Minister Naoto Kan’s loss of control of parliament’s upper house undermines his administration’s ability to pass legislation to cut the world’s largest public debt and creates the possibility of a third leadership change in a year.