June 30 (Bloomberg) -- Asian stocks climbed, with the regional benchmark index set for a record quarterly gain, on optimism a recovery in the global economy will lift earnings for producers of commodities and electronics.

Rio Tinto Group, the world’s No. 3 mining company, climbed 3.8 percent as copper headed for its best six months in 22 years. David Jones Ltd., Australia’s No. 2 department store, soared 10 percent after raising its profit estimate, while NEC Electronics Corp. jumped 4.2 percent on comments by its president that “the worst is over.” Camera maker Nikon Corp. jumped 6.4 percent after Mizuho Securities Co. rated it “strong buy.” China Petroleum & Chemical Corp., Asia’s biggest refiner, jumped 4.7 percent in Hong Kong as oil hit an eight-month high.

The MSCI Asia Pacific Index rose 1.4 percent to 104.06 as of 3:38 p.m. in Tokyo. The index is set for a 29 percent gain for the past three months, the biggest quarterly rally since the gauge started in 1988.

“You’re seeing a clear improvement in macro indicators pointing to a recovery later in the year,” said Nader Naeimi, a strategist at AMP Capital Investors in Sydney, which manages about $95 billion. “Markets have had a pretty strong bounce from their lows. They’re now digesting those gains.”

Companies on the MSCI Asia trade at 23.8 times estimated net income, making stocks in the region more expensive than in Europe and North America. MSCI’s Asian gauge is also set for its best first half since 1999 with a 16 percent advance.

Top Gainer

Taiwan’s Farglory Land Development Co. rose 193 percent this quarter, the leading stock on the MSCI Asia. Warming relations between Taiwan and China fueled speculation mainland companies will be able to invest in Taiwanese real estate, lifting shares in the developer and its peers.

Japan’s Nikkei 225 Stock Average climbed 1.8 percent to close at 9,958.44 as the government said household spending unexpectedly increased in May, even as unemployment reached a five-year high. Most markets open for trading in the region rose, while the Philippine Stocks Exchange Index led declines with a 1.2 percent drop.

The outlook for emerging markets is “far more optimistic” than for developed economies, investor Marc Faber said at a conference in Seoul today. Faber also recommended investments in commodities and tourism industries.

Commodities Rise

Futures on the Standard & Poor’s 500 Index rose 0.2 percent. The gauge added 0.9 percent in New York yesterday on the back of a 3.4 percent increase in the price of crude oil.

Copper gained as much as 1 percent today, bringing its first-half surge to 68 percent, the best six-month rally in 22 years. The Baltic Dry Index, a measure of shipping costs for commodities, added 0.8 percent, the first climb in seven days.

Rio Tinto increased 3.8 percent to A$52.20. BHP Billiton Ltd., the world’s largest mining company, added 2.4 percent to A$34.72 in Sydney. Mitsui & Co., a Japanese trading company that gets half its profit from commodities, climbed 2.2 percent to 1,146 yen.

Oil explorers and refiners advanced after militant attacks in Nigeria stoked fears supplies may be disrupted and China increased fuel prices by as much as 11 percent. Crude jumped for a second day, rising as much as 2.6 percent to $73.38 a barrel on the New York Mercantile Exchange.

Inpex Corp., Japan’s biggest oil explorer, jumped 5 percent to 772,000 yen. China Petroleum, also known as Sinopec, added 4.7 percent to HK$5.99 in Hong Kong.

Earnings Revision

David Jones rallied 10 percent to A$4.55 after saying profit will rise by 20 percent to 30 percent in the six months ending July 25, compared with an earlier forecast for earnings to be little changed. Harvey Norman Holdings Ltd., Australia’s biggest electronics retailer, soared 9 percent to A$3.30. Credit Suisse Group AG raised ratings on both companies, citing an expected recovery among Australian discretionary retailers.

NEC Electronics, Japan’s fourth-largest chipmaker, gained 4.2 percent to 877 yen. President Junshi Yamaguchi said “the worst is over,” and orders probably jumped 150 percent in the current quarter as companies rebuilt inventories. Elpida Memory Inc., Japan’s largest computer-memory maker, gained 2.7 percent to 1,059 yen after saying it will get 50 billion yen ($521 million) from the Japanese government and a Taiwanese partner.

Nikon, the world’s largest maker of machines that etch circuitry onto silicon wafers, jumped 6.2 percent to 1,671 yen. Fujifilm Holdings Corp., the world’s second-largest maker of camera film, surged 6.8 percent to 3,060 yen. Ryosuke Katsura, an analyst at Mizuho Securities in Tokyo, lifted shares of both companies two levels to “strong buy” from “hold.”

Pumpkin Patch

Pumpkin Patch Ltd. jumped 10 percent to NZ$1.49, the highest since Sept. 16. The company, New Zealand’s second- largest publicly traded retailer, said it plans to shut 20 of its 35 stores in the U.S. to reduce losses.

Japanese consumer lender Aiful Corp. surged 20 percent to 371 yen after Goldman Sachs Group Inc. boosted the stock to “buy” from “neutral.” The shares, trading at 0.2 times book value, are overly cheap, Goldman Sachs analyst Takehito Yamanaka wrote in a report.

To contact the reporters for this story: Patrick Rial in Tokyo at prial@bloomberg.net; Shani Raja in Sydney at sraja4@bloomberg.net.

Last Updated: June 30, 2009 03:09 EDT