Asian Stocks Gain on Gold, Alcoa Forecast; China Shares Surge

Most Asian stocks advanced as gold prices climbed and after Alcoa Inc. said Chinese demand for aluminum will increase this year. Japanese carmakers fell as U.S. employers cut more jobs than forecast.

Newcrest Mining Ltd., Australia’s largest gold miner, climbed 7.7 percent after the metal climbed the most in more than five months yesterday. Aluminum Corp. of China Ltd. gained 9.6 percent in Shanghai, where stocks surged on speculation the government will adopt measures to boost equities. Honda Motor Co., which gets 45 percent of its revenue in North America, dropped 2.4 percent in Tokyo.

Five stocks advanced for every four that declined on the MSCI Asia Pacific Index, which added 0.2 percent to 112.65 as of 7:42 p.m. in Tokyo. The gauge has climbed 60 percent from a five-year low on March 9 on speculation the global economy is recovering. The rally has lifted the average price of stocks on the index to 1.5 times book value, close to an 11-month high.

“The economic data has caught up to where the market was,” said Stephen Halmarick, Sydney-based head of investment- markets research at Colonial First State, which holds about $115 billion. “For the equity market to really move on again, you need the next stage to take place, which is a more sustained recovery and better profitability.”

Japan’s Nikkei 225 Stock Average fell 0.6 percent as Credit Suisse Group said the rally that began March “is over.” Hong Kong’s Hang Seng Index gained 1.2 percent.

China’s Shanghai Composite Index climbed 4.8 percent, the most since March 4, as Liu Xinhua, vice chairman of the China Securities Regulatory Commission, said regulators will promote a “stable and healthy” market. Citic Securities Co., the country’s largest brokerage, jumped 6.6 percent.

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