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Most Asian stocks rose, with the benchmark regional index trading near a one-year low, as raw material and energy producers advanced on increased oil and copper prices.
The MSCI Asia Pacific Index pared gains as banks fell after the Wall Street Journal, citing unidentified sources, reported French lender BNP Paribas SA can no longer borrow in dollars.
BHP Billiton Ltd. (BHP), the world’s No. 1 mining company, advanced 2.3 percent in Sydney, leading raw material producers higher. Inpex Corp. (1605), an energy explorer, advanced 1.6 percent in Tokyo.
Fanuc Corp., a maker of industrial robots, advanced 2.3 percent after plunging 15 percent last week. Nintendo Co., the world’s largest maker of game players, slumped 5.1 percent on speculation it may sell fewer 3-D handheld players than it is targeting.
The MSCI Asia Pacific Index rose 0.05 point, or less than 1 percent, to 118.05 in Tokyo after rising as much as 0.6 percent and falling 0.1 percent.
About four stocks gained for every three that fell on the gauge, which dropped 3.3 percent in the previous two days, sending the measure to its lowest level since Aug. 2010 Monday
“Stocks are rebounding because they fell so sharply recently, but there’s nothing fundamentally good out there,” said Koichi Kurose, chief strategist in Tokyo at Resona Bank Ltd.
“The global economy is still a concern. Even though stocks fell a lot recently, they may fall further if Greece goes into a default and the financial system loses out.”
The Asia-Pacific measure slumped 8.6 percent last month, the most since May 2010, amid concern global economic growth is slowing as Europe’s sovereign-debt crisis spreads and after Standard & Poor’s cut the U.S. credit rating.
Japan’s Nikkei 225 Stock Average gained 1 percent. Taiwan’s Taiex Index slumped 2.9 percent after being closed for a holiday in the past two days. China’s Shanghai Composite Index, which was also closed for trading yesterday, lost 1.1 percent Tuesday.
Australia’s S&P/ASX 200 Index advanced 0.9 percent, even after a National Australia Bank Ltd. survey of more than 500 companies from Aug. 24-30 that was released in Sydney today showed that business confidence in the nation plunged last month to its lowest level since April 2009.