Ebb Of Oil, Rising Dollar Buoy Asia Stocks:
Asian stocks were mostly higher Friday, with Japan leading the charge on increasing optimism that declining oil prices and a strengthening dollar will help exporters to the U.S.

However, softening commodities prices hurt Australian resource stocks.

In Japan the Nikkei rose 1.5% to close at 14,338, its highest mark in four months, with exporters buoyed by a weaker yen.

Consumer electronics giant Sony (nyse: SNE - news - people ) gained 3.9% to 5,280 yen ($50.15) while major office equipment manufacturer Canon (nyse: CAJ - news - people ) rose 2.7% to 5,690 yen ($54.03) and Toyota Motor (nyse: TM - news - people ) advanced 3.5% to 5,370 yen ($50.99).

In Sydney, the S&P/ASX 200 fell 1% to 5,654, while the All Ordinaries index dropped 0.7% to 5,773.

Heavyweights BHP Billiton (nyse: BBL - news - people ) and Rio Tinto (nyse: RTP - news - people ) fell due to weaker commodity prices, weighing on the market, but coal seam gas stocks were stronger after Origin Energy's rejection of a sweetened A$13.6 billion ($13 billion) offer from U.K. energy giant BG Group (other-otc: BRGYY - news - people ). (See: " On Paper, A Day Brings More Dollars For Origin")

BHP slid 5.5% to 43.50 Australian dollars ($41.56) while Rio Tinto dropped 4.4% to 138.00 Australian dollars ($131.83).

Origin shares surged 9.3% to close at 15.95 Australian dollars ($15.20) after it rejected an improved 15.50 Australian dollars ($14.80) per share offer from BG, up from an earlier offer of A$14.70, arguing that it was worth much more because of a reassessment of its coal seam gas reserves.

"The market's really focused on the coal seam gas stocks as quite clearly a reassessment of the sector's value is taking place following Origin's rejection of BG's offer and Santos selling a stake in its LNG project to Petronas," said Savanth Sebastian, an equities analyst at CommSec.

Hong Kong's Hang Seng rose 0.8% to 24,575 in volatile trade. Taiwan's Taiex lost 0.8% to 8,619 while the Shanghai Composite rose 0.9% to 3,4332.

South Korea's Kospi gained 0.6% to 1,852.

Light, sweet crude fell $4.41 to settle at $126.62 on the New York Mercantile Exchange, the lowest close in two weeks.

"What appears to be an unfolding bursting of the commodities price bubble is leading to easing inflation concerns," said Francisco Liboro, president of PCCI Securities in Manila.

Thomson Financial contributed to this article. Back To News

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