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Asian stocks advance, led by commodity producers

Asian stocks climbed on Tuesday, led by producers of raw materials and consumer goods, as optimism grew that governments will expand efforts to boost economic growth.

  • Bloomberg
  • Published: 14:56 October 21, 2008
  • Gulf News

Dubai: Asian stocks climbed on Tuesday, led by producers of raw materials and consumer goods, as optimism grew that governments will expand efforts to boost economic growth.

Rio Tinto Ltd. gained 12 per cent and Honda Motor Co advanced 6.8 per cent after Federal Reserve Chairman Ben S. Bernanke said he would back a stimulus package.

Hyundai Development Co. added 4.8 per cent after a newspaper said South Korea will aid builders.

Woodside Petroleum Ltd. jumped 11 per cent after OPEC signalled it may cut oil output.

Indonesia's PT Bank Ekonomi Raharja surged 10 per cent after HSBC Holdings Plc bought a controlling stake.

"Confidence is coming back into the markets," said Nader Naeimi, a Sydney-based senior investment strategist at AMP Capital Investors. "There's more risk appetite now and investors are buying back extremely depressed assets."

The MSCI Asia Pacific Index climbed 2.2 per cent to 92.59 in Tokyo, rising for a third day, its longest winning streak since July 24.

Japan's Nikkei 225 Stock Average added 3.3 per cent to 9,306.25, extending its advance from a five-year low on October 10 to 12 per cent.

India's Sensex Index jumped 4.5 per cent, the biggest gain in the region, as ICICI Bank Ltd. surged after regulators said they may limit short-selling.

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