March 3 (Bloomberg) -- Asian stocks rose, led by energy companies such as PetroChina Co. and Santos Ltd., after crude oil and gasoline prices jumped.

``The surge in crude prices is the biggest catalyst for oil- related stocks,'' said Junichi Minami, who helps manage the equivalent of $2.5 billion in assets at Meiji Dresdner Asset Management Co. in Tokyo. ``Their earnings have been supported by higher prices and that will benefit their shares for some time.''

The Morgan Stanley Capital International Asia-Pacific Index, which tracks more than 900 stocks in the region, rose 0.1 percent to 103.24 at 5:05 p.m. in Tokyo. Energy stocks, the best- performers of the 10 industry groups on the MSCI benchmark this year, posted the biggest gains by percentage today after oil prices rose above $53 a barrel in New York trading.

In South Korea, Hynix Semiconductor Inc. fell after the company reported fourth-quarter earnings that missed analysts' expectations and Merrill Lynch & Co. said the memory chip market may take longer than expected to rebound.

Japan's Nikkei 225 Stock Average added 0.4 percent to 11,856.46, gaining for a sixth day, its longest winning streak in more than four years. The Topix index also rose for a sixth day, adding 0.3 percent.

The Philippines' stock index jumped 1.2 percent, the biggest fluctuation of any stock benchmark in the region. Philippine Long Distance Telephone Co. led gains on optimism the government's budget deficit will narrow after higher-than-expected tax collection in January.

Australia's S&P/ASX 200 Index rose 0.3 percent to a record. Other regional stock benchmarks also gained, except for those in Taiwan, Malaysia and New Zealand.

Oil Shares

PetroChina, China's biggest oil producer, climbed 1.1 percent to HK$4.75 in Hong Kong. Santos, Australia's third- biggest oil producer, jumped 4.3 percent to A$9.03.

Crude-oil for April delivery in New York yesterday surged 2.7 percent to $53.05, the highest close since Oct. 26. The contract lost 0.2 percent in after-hours trading. Oil prices gained 22 percent this year on surging U.S. and Chinese demand.

``The oil price will stay higher for a lot longer than many of the analysts are saying,'' said Gary Armor, who helps manage the equivalent of $2.9 billion at AMP Capital Investors in Sydney. ``We're overweight on many of the region's oil stocks, like Santos, and we'll remain so for a while yet.''

India's Oil & Natural Gas Corp. rose 3 percent to 882 rupees after saying it may double estimates of reserves in the Krishna Godavari area off the country's east cost.

Hynix

Hynix, the world's second-largest computer memory chipmaker which was bailed out by creditors in 2002, slid 4.6 percent to 14,400 won. Fourth-quarter net income was 186 billion won ($185 million), compared with an average 525 billion won estimate of analysts surveyed by Thomson Financial. It lost 881 billion won a year earlier.

Separately, Merrill Lynch cut Hynix to ``neutral'' from ``buy,'' citing lower-than-expected product prices.

``The outlook for computer memory chip prices isn't good,'' said Kim Hyun Tae, who manages the equivalent of $500 million at Woori Investment Trust Management Co. in Seoul. ``Prices will probably fall until the second half of the year, which will hurt Hynix's earnings.''

The Philippine Stock Exchange Composite Index rose after the government said it beat its January tax collection target, which may help narrow the budget deficit. The benchmark has added 5 percent since Feb. 23, boosting its gains this year to 15 percent and making it the region's best performer.

``Improving tax collection helps build market confidence that the government will solve one of our biggest problems,'' said Astro Del Castillo, managing director at Manila-based First Grade Holdings Inc., a financial management and advisory company.

Philippine Long Distance Telephone Co., the biggest company by market value, rose 2.2 percent, to 1,410 pesos. SM Prime Holdings Inc., the nation's largest owner of shopping malls, climbed 3.5 percent to 8.80 pesos. A narrower deficit may cap government borrowings and interest rates, boosting consumer and corporate spending.

To contact the reporter on this story: Darren Boey in Hong Kong at dboey@bloomberg.net; Tomoko Yamazaki in Tokyo at 3119 or tyamazaki@bloomberg.net.

Last Updated: March 3, 2005 03:08 EST