Asian Stocks Rise for First Time This Week on Oil; Hynix Climbs - BusinessWeek

Feb. 25 (Bloomberg) -- Asian stocks rose after a four-day selloff as crude oil fell below $100 a barrel amid easing concern about supply disruptions in the Middle East, and as chipmakers climbed.

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Cathay Pacific Airways Ltd. climbed 3.6 percent in Hong Kong as the U.S., Saudi Arabia and the International Energy Agency said they can compensate for any disruption to Libyan oil shipments. Hynix Semiconductor Inc. gained 4.1 percent in Seoul after analysts said prices for memory chips may climb next month. Toyota Motor Corp. rallied 2.2 percent in Tokyo after Credit Suisse Group AG recommended the world’s largest carmaker. The MSCI Asia Pacific Index rose 1 percent to 136.68 as of 5:08 p.m. in Tokyo, with more than twice as many stocks advancing as declining. The gauge has dropped 2.3 percent this week as crude climbed above $100 a barrel for the first time in two years amid escalating violence in Libya, which has the largest oil reserves in Africa.

Asian Stocks Rise for First Time This Week on Oil; Hynix Climbs - BusinessWeek