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Asian stock markets rise after Wall Street gains
PAMELA SAMPSON
(The Associated Press)



05:30:41AM (DST) Tuesday,August 23,2011.

BANGKOK (AP) — Asian stocks mostly inched higher Tuesday after gyrating markets on Wall Street and Europe ended with modest gains.

Oil prices rose above $85 per barrel as traders scaled back expectations that Libyan oil would be quickly restored to world markets as fighting raged inTripoli between rebels and forces loyal to leader Moammar Gadhafi.

The dollar was steady against the euro but up against the yen.

Global stocks have been volatile in recent weeks as investors swung between fears of a double-dip recession in the U.S. and hopes that Federal Reserve Chairman Ben Bernanke will announce some kind of action to help the economy during an annual economics conference in Wyoming on Friday.

Japan's Nikkei 225 hovered near a five-month low, rising 0.5 percent to 8,675.65, and Hong Kong's Hang Seng gained 0.6 percent to 19,596.30. South Korea's Kospi jumped 3.6 percent to 1,772.39.

Australia's S&P/ASX 200 rose 1.7 percent at 4,152.50. Brewer Foster's Group Ltd. rose 1.4 percent after announcing it would return Australian dollars 500 million to investors through a share buyback or capital reduction. The move comes a week after Foster's rejected a $10 billion cash takeover offer from London-based rival SABMiller PLC, saying the bid significantly undervalues the company.

Benchmarks in Singapore, Taiwan, the Philippines and mainland China were also higher. Stocks in Malaysia, India and Thailand slipped.

Investors found relief in expectations that oil prices would fall once Libyan rebels gain complete control of the capital Tripoli. A new government in Libya could clear the way for a return to oil production, which was halted six months ago amid a rebellion against the Gadhafi regime.
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