By Patrick Rial and Ian C. Sayson Dec. 9 (Bloomberg) -- Asian commodity stocks and shipping lines gained on expectations global stimulus plans from the U.S. to India will boost profits, countering concern capital-raising plans by financial companies will dilute shareholdings. BHP Billiton Ltd. rose 4.8 percent in Sydney, and China Cosco Holdings Co., the largest operator of iron-ore and coal ships, surged 12 percent in Hong Kong. Singapore and Indonesia’s benchmark indexes jumped more than 4 percent after being shut yesterday, when a plan by U.S. President-elect Barack Obama to boost the economy led the MSCI World Index to a 5.5 percent gain. Commonwealth Bank of Australia fell 8.2 percent after Westpac Banking Corp. said it may raise $1.7 billion in a share sale. “There is a problem in rolling over financing so banks and companies have no recourse but to raise money through a more expensive form of capital,” said Prasad Patkar, who helps manage $800 million at Platypus Asset Management in Sydney. “Things can get better next year because of these coordinated efforts to cushion the effects of a slowdown.” The MSCI Asia Pacific Index added 0.8 percent to 83.71 as of 1:55 p.m. in Tokyo. About five stocks gained for every four that fell. The gauge has retreated 47 percent this year, set for the worst annual performance in its 20-year history. The index is valued at 12 times estimated profit, about a quarter below its level at the start of 2008. Japan’s Nikkei 225 Stock Average rose 0.8 percent to 8,394.57. Gains were limited as the government revised its estimate of third-quarter growth to a 1.8 percent contraction. The worst financial crisis since the Great Depression has dragged the U.S., Europe and Japan into the first simultaneous recession since World War II. Spending Plans Global stocks climbed yesterday as Obama pledged the biggest government spending program since the 1950s, while India cut interest rates and announced a $4 billion stimulus package. Hong Kong will provide $12.9 billion of loan guarantees to help businesses, Donald Tsang, the city’s chief executive, said late yesterday. Japan’s Economic and Fiscal Policy Minister Kaoru Yosano said today the government needs to ensure the economy doesn’t experience a serious downturn next year, while Finance Minister Shoichi Nakagawa said the government may increase spending to help workers who’ve lost their jobs. “Authorities across the globe are exerting every effort to stimulate economies in a coordinated manner, which I believe will be very effective,” said Yoshihiro Ito, a senior strategist at Okasan Asset Management Co., which oversees $9.3 billion. In New York, the Standard & Poor’s 500 Index climbed 3.8 percent, extending its advance from an 11-year low last month to 21 percent. Futures on the measure lost 0.4 percent today. BHP, Mitsui Copper futures in New York added 9.1 percent yesterday, the most since Oct. 29, while crude oil surged 7.1 percent to $43.71 a barrel, breaking a six-day losing streak. Oil has dropped 70 percent from a record $147.27 on July 11. BHP rose 4.8 percent to A$28.54. Mitsubishi Corp., Japan’s biggest trading house, gained 3.1 percent to 1,127 yen. Mitsui & Co., the second biggest, added 4.2 percent to 769 yen. Mining and material companies are the worst performers this year among 10 industry groups on the MSCI Asia Pacific Index as the deepening global recession diminished demand for commodities. Commonwealth Bank plunged 8.2 percent to A$30.09. The lender has the lowest Tier 1 capital among Australia’s biggest banks, raising speculation it may need to sell more shares, according to Angus Gluskie, who oversees $265 million at White Funds Management Pty in Sydney. Westpac, Australia’s second-largest bank, plans to raise A$2.5 billion ($1.7 billion) in a share sale to shore up capital as bad debts rise and credit markets remain tight. The bank’s shares were suspended from trading today. Credit Turmoil The world’s biggest financial companies have raised almost $890 billion since the global credit crisis began last year, squeezing debt markets and slowing economies. That’s forcing lenders to bolster capital on expectations that bad loans and investment losses will rise further. T&D Holdings Inc. slumped 6.9 percent after the president of Japan’s biggest publicly traded life insurer said it may raise capital at its units in the fiscal second half as falling markets erode the value of stockholdings. In Japan, Sompo Japan Insurance Inc., the second-biggest listed property insurer by revenue, fell 5.4 percent after Macquarie Group Ltd. slashed its rating on the stock to “underperform,” citing potential for a writedown of credit instruments. To contact the reporter for this story: Patrick Rial in Tokyo at prial@bloomberg.net; Ian C. Sayson in Manila at isayson@bloomberg.net.

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