Rio Tinto Group, the world’s third-largest mining company, gained 2.5 percent in Sydney, while Inpex Corp., Japan’s largest oil explorer, climbed 2 percent in Tokyo. Showa Shell Sekiyu KK, a Japanese refiner and solar-equipment maker, surged 8.1 percent after saying it will build solar power plants in Saudi Arabia with state-owned Saudi Arabian Oil Co.
The MSCI Asia Pacific Index gained 0.3 percent to 99.95 as of 9:37 a.m. in Tokyo. The gauge retreated by the most since May 14 yesterday as a World Bank forecast for a deeper global recession triggered a sell-off in commodities. Stocks in the gauge traded at 22.83 times estimated earnings yesterday, the lowest level since May 26, according to Bloomberg data.
“Yesterday’s large decline will induce bargain hunting,” said Hiroichi Nishi, general manager at Nikko Cordial Securities Co. in Tokyo. “We’re still on an upward trend.”
Japan’s Nikkei 225 Stock Average gained 0.3 percent even as a government report showed the country’s exports sank at a faster pace in May. Australia’s S&P/ASX 200 Index lost 0.1 percent, while New Zealand’s NZX 50 Index dropped 0.5 percent.
Futures on the Standard & Poor’s 500 Index were little changed. The gauge added 0.2 percent yesterday, paced by gains in commodity-related shares. The Dow Jones Industrial Average slipped 0.2 percent, dragged down by Boeing Co. after the aircraft maker postponed its 787 Dreamliner.
Oil, Copper
Crude oil and copper rose yesterday for the first time in three sessions as the dollar weakened. Oil climbed 2.6 percent in New York, while copper jumped 3.2 percent. Most commodities trade in dollars and declines in the U.S. currency made them cheaper for buyers with other currencies.
Rio climbed 2.5 percent to A$49.80. Inpex added 2 percent to 730,000 yen. Woodside Petroleum Ltd., Australia’s No. 2 oil company, rose 1.2 percent to A$40.75.
Showa Shell surged 8.1 percent to 1,063 yen. The company will build small solar power plants, with total generation capacity of around 10 megawatts, spokesman Kenichi Morishita said by phone today.
To contact the reporters for this story: Shani Raja in Sydney at sraja4@bloomberg.net.
Last Updated: June 23, 2009 20:39 EDT