Asian shares rise on higher commodity prices

Stocks in Europe and Asia rose and US index futures advanced as higher commodity prices lifted mining and energy shares and Hewlett-Packard Co's earnings spurred gains by chipmakers.

BHP Billiton, the world's biggest mining company, and Rio Tinto Group climbed at least four per cent after copper jumped more than $220 a ton yesterday in London. Hewlett-Packard rallied 3.3 per cent in Germany, while STMicroelectronics NV rose two per cent in France. Citic Securities Co, a unit of China's biggest investment company, jumped 10 per cent on speculation the Chinese government will soon introduce measures to spur growth.

The MSCI World Index added 0.3 per cent to 1,317.68 at 10.15am in London as six of the 10 industry groups gained. The measure for mining shares, the world's worst-performing equities in the past month following declines in commodity prices, climbed the most in two weeks.

BP, Europe's second-biggest oil company, climbed as crude gained for a second day, while Tullow Oil Plc rallied after UBS AG recommended buying shares in the oil exploration company.

Yara International ASA led chemical makers higher after Israel Chemicals Ltd. had more than a five-fold surge in profit.

BHP Billiton, which reported record earnings this week, rallied 4.5 per cent to 1,589 pence. Rio Tinto, the world's third-largest mining company, gained 5.3 per cent to 4,886 pence.

Hewlett-Packard climbed $1.45 to $45.14 in Germany. The world's largest personal-computer maker said demand for notebooks and orders in Europe and Asia spurred a 14 per cent jump in third-quarter profit and a 10 per cent gain in sales.

Citic Securities jumped 10 percent to 18.70 yuan. Ping An Insurance (Group) Co., the nation's second-largest insurer, rose 8.3 per cent to 44.45 yuan.

China's main stock index soared more than seven per cent because of hopes that the government would introduce a stimulus package to boost the slowing economy and aid the stock and property markets.

The Shanghai Composite Index jumped 7.63 per cent to close at 2,523.282 points, only marginally below its intra-day high of 2,523.469. Gaining stocks in Shanghai outnumbered losers by 935 to one, with over 170 up their 10 per cent daily limits. Turnover in Shanghai A shares expanded to 58.7bn yuan.

The Bombay Stock Exchange's Sensitive Index (Sensex) rose 95.06, or 0.7 percent, to 14,638.79 as of 1.30pm local time.

The S&P CNX Nifty Index on the National Stock Exchange added 35.90, or 0.8 per cent, to 4,404.15.

Pakistan's stocks fell more over three per cent on as investors began to lose hope for an end to political tension.