By Malcolm Scott and Ian C. Sayson Nov. 24 (Bloomberg) -- Most Asian stocks fell, as mounting signs the global credit crisis is hurting profits at financial companies countered gains by oil producers. Suncorp-Metway Ltd., Australia’s third-largest insurer, dropped 4.9 percent in Sydney after increasing its forecast for bad loans. Standard Chartered Plc fell 5.1 percent in Hong Kong following a Financial Times report that the U.K. lender will sell $3 billion of stock to replenish capital. Financial shares declined as the U.S. agreed to protect $306 billion of loans and securities on Citigroup Inc.’s books against losses. BHP Billiton Ltd., Australia’s largest oil company, climbed 6.4 percent in Sydney after crude prices climbed. “Financial stocks are out favor and their earnings will continue to be under pressure due to the credit crisis,” said Paul Joseph Garcia, who helps manage $1.5 billion as chief investment officer at ING Investment Management Ltd.’s Manila unit. Most Asian markets fell today, with Japan shut for a holiday. The MSCI Asia Pacific excluding Japan Index added 0.1 percent to 206.66 as of 1:07 p.m. in Hong Kong. Financial stocks were the biggest drag. The gauge is down 61 percent this year, leaving it at 8.6 times estimated profit, about half its valuation at the start of 2008. To contact the writer on the story: Malcolm Scott in Sydney at Mscott23@bloomberg.net; Ian C. Sayson in Manila at isayson@bloomberg.net

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