Asian Stocks Gain, Led by Aiful and ANZ Bank; PetroChina Falls

Asian stocks rose for the first time in four days after consumer spending unexpectedly climbed in Japan and investors judged that recent declines were excessive.

Aiful Corp., Japan's biggest lender to individuals by assets, had its first gain in five days. Australia & New Zealand Banking Group Ltd., Australia's No. 3 lender, rebounded from a three- month low, while HDFC Bank Ltd., India's third-largest lender by value, snapped a six-day loss.

PetroChina Co., the world's biggest company by market value, slid to a five-week low after crude oil and metal prices fell on speculation the global economy will slow, eroding raw-materials demand. Mitsubishi Corp., Japan's largest trading company, sank to the lowest in two months. Oil surged to a record last week.

``The market has sold off excessively and we are looking for buying opportunities,'' said Leslie Phang, who helps manage $1 billion at Commonwealth Private Bank in Singapore. ``The question is will the slowing economy derail demand for commodities? Current price levels are not sustainable.''

The Morgan Stanley Capital International Asia Pacific Index added 0.1 percent to 158.52 as of 5:47 p.m. in Tokyo, after a three-day, 5.4 percent slump. A measure of financial shares climbed the most among the benchmark's 10 industry groups.

Japan's Nikkei 225 Stock Average slid 0.5 percent to 15,126.63, its eighth straight loss. The measure earlier gained as much as 0.3 percent after the Cabinet Office said the economy expanded an annualized 2.6 percent in the quarter ended Sept. 30.

Casio Computer Co., the maker of G-Shock watches and Exilim mobile phones, jumped after Merrill Lynch & Co. raised its rating on the stock. Macquarie Group Ltd., Australia's biggest securities firm, fell to a one-week low after saying a faltering rally in equity markets may make it harder for the company to repeat its record 45 percent profit growth in the first half.
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