Nov. 23 (Bloomberg) -- Asian stocks rose for the first time in seven days, trimming a regional index's worst weekly loss in three months.

China Mobile Ltd., Industrial and Commercial Bank of China Ltd. and Cnooc Ltd. helped Hong Kong's index to its first gain in three days after billionaire Lee Shau-kee said he bought shares.

``The fundamentals of Hong Kong stocks are still very strong,'' said Khiem Do, who helps oversee $16 billion in equities at Baring Asset Management (Asia) Ltd.

Samsung Electronics Co., the world's largest liquid-crystal display maker, climbed to a one-week high in Seoul after saying it will invest 2.06 trillion won ($2.2 billion) to expand a factory to meet rising demand for LCDs.

Tokyo was closed for a holiday and the MSCI Asia Pacific excluding Japan Index climbed 0.2 percent to 506.92 at 4:57 p.m. in Hong Kong, after a six-day, 8.3 percent slump. The benchmark dropped 4.8 percent this week, its fourth straight loss and the worst weekly performance since the five days ended Aug. 17.

Hyundai Heavy Industries Ltd. dropped on concern demand for industrial goods is waning, sending South Korea's Kospi to its longest losing streak in three years. The index led losses in Asia this week, with Pakistan posting the only advance.

Regional indexes advanced elsewhere today except for Australia, Taiwan and Sri Lanka. China's CSI 300 Index climbed the most in a week, while the Sensitive Index snapped a six-day drop in India.

Japan's Topix index slid 0.1 percent yesterday, after having dropped 21 percent from its February peak, making the country the first of the world's 10 biggest stock markets to enter a bear market this year. U.S. trading had a break yesterday for the Thanksgiving holiday.

Bet on Hong Kong

China Mobile, the world's largest wireless operator, rose 2.4 percent to HK$129.50 in Hong Kong, after dropping yesterday to the lowest since Sept. 25. ICBC, the world's largest lender by market value, climbed 3.5 percent to HK$5.96, halting a 21 percent decline this month. Cnooc, China's biggest offshore oil producer, jumped 4.4 percent to HK$13.30.

Lee, chairman of Henderson Land Development Co. and the second-richest man in Hong Kong, said he invested more than HK$1 billion in stocks yesterday, when the Hang Seng Index fell 2.3 percent to 26,004.92, the lowest since Sept. 21. The benchmark may reach 33,000 by spring, he said, adding that he favored financial and energy shares.

By yesterday, the Hang Seng was down 18 percent from a record on Oct. 30. The Hang Seng China Enterprises Index, which tracks the Hong Kong-listed shares of 43 Chinese companies, has dropped 23 percent, the worst performance among the 90 indexes tracked by Bloomberg during the period.

Panel Demand

Samsung Electronics gained 3.3 percent to 557,000 won, its highest close in a week. Demand for LCD TV panels measuring 50 inches or more will increase 65 percent annually until 2010, Samsung said yesterday, citing estimates by research firm DisplaySearch. Daewoo Securities Co. also raised its six-month estimate for the stock by 7.8 percent today, citing earnings from displays.

The Kospi slipped 1.5 percent, a seventh day of declines and its longest losing streak since October 2004. It's dropped 8 percent this week, more than any other benchmark in Asia.

Hyundai Heavy, the world's largest shipbuilder, lost 4.5 percent to 390,500 won, extending a six-day, 18 percent decline. Doosan Heavy Industries & Construction Co., South Korea's biggest maker of power plants, dropped 5.4 percent to 122,000 won.

London-based Psion Plc, a maker of bar-code readers and warehouse inventory equipment, said yesterday that North American sales this year will decline in the second half, supporting speculation that fallout from the U.S. housing slump is spreading.

``Equipment makers and manufacturers of machines are not attractive when global economic growth is weak because companies will not be expanding,'' said Kim Woo Sik, who manages $328 million at SH Asset Management Co. in Seoul.

China Mobile Ltd. (941 HK)
Cnooc Ltd. (883 HK)
Doosan Heavy Industries & Construction Co. (034020 KS)
Hyundai Heavy Industries Ltd. (009540 KS)
Industrial and Commercial Bank of China Ltd. (1398 HK)
Samsung Electronics Co. (005930 KS)

To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net; Ting Ting Ng in Hong Kong at tng9@bloomberg.net.

Last Updated: November 23, 2007 04:31 EST