Asian Stocks Gain on Lower Commodities, Yen; Honda Motor Rises
Aug. 11 (Bloomberg) -- Asian stocks gained, led by transportation companies and automakers, after a drop in crude oil prices and the yen boosted the outlook for profits.
Korean Air Lines Co., South Korea's largest airline, led gains among Asian carriers. Honda Motor Co., Japan's second- largest automaker, climbed to a two-week high on expectations the weaker yen will increase the value of its overseas sales.
``The decline in oil and depreciation of the yen will give investors enough room to appreciate those companies that have cut costs and passed on prices,'' Tomochika Kitaoka, a Tokyo-based strategist at Mizuho Securities Co., said in an interview with Bloomberg Television.
The MSCI Asia-Pacific Index added 0.9 percent to 128.31 as of 9:14 a.m. in Tokyo, rebounding from last week's 2.7 percent retreat. About four stocks advanced for each that declined.
Japan's Nikkei 225 Stock Average gained 1.2 percent to 13,331.63. Indexes also advanced in Australia, New Zealand and South Korea.
U.S. stocks gained on Aug. 8, sending the Standard & Poor's 500 Index to the largest weekly gain since April, as retailers, manufacturers and transportation companies rallied on speculation lower commodity prices will boost profits.
Crude oil for September delivery dropped 4 percent to $115.20 a barrel in New York on Aug. 8, after a plunge in the euro reduced the investment appeal of commodities. That was the lowest since May 2. Gold, silver and copper prices also retreated.