Asian Commodity Stocks Rise; Tokyo Electric Falls on Record Oil

Asian energy and mining stocks rose after a weaker dollar triggered a rally in commodities prices. Benchmarks fell in Japan and South Korea, which import almost all their fuel, after the price of crude climbed above $98 for the first time.

Cnooc Ltd., China's largest offshore oil explorer, rose for the first time in four days, while Tokyo Electric Power Co., Asia's largest electricity producer, and Korea Electric Power Corp. declined on concern higher fuel costs will erode profits. Nintendo Co. led exporters lower on concern the weaker dollar will erode the value of overseas sales when converted into yen.

``Strong spot commodity prices have certainly put momentum behind some of the resources stocks,'' said Jason Teh, who helps manage the equivalent of about $6.5 billion at Investors Mutual in Sydney.

The Morgan Stanley Capital International Asia-Pacific Index, a dollar-denominated measure of 1,053 companies in the region, added 0.2 percent to 166.84 as of 5:44 p.m. in Tokyo, with about three stocks falling for every two that rose. A group of energy shares had the biggest gain among the index's 10 industry groups.

Japan's Nikkei 225 Stock Average slid 0.9 percent to 16,096.68, its fourth straight day of losses. Orix Corp., Japan's largest non-bank financial company, plunged after it said first- half profit from operations fell 27 percent.

In Australia, where the central bank today raised its key interest rate to an 11-year high, the S&P/ASX 200 Index rose 1 percent. Among the region's other markets, only Singapore and Thailand fell.
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