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Bangkok - Asian stocks regained their composure on Thursday after upbeat US employment figures buoyed shares on Wall Street, surmounting fears of a disruption in the global production of crude.
Still, oil prices hovered above $82 a barrel in Asia as fierce fighting between supporters and opponents of Libyan leader Moammar Gadhafi may have cut crude output in the Opec nation more than previously estimated. The dollar was higher against the euro and steady against the yen.
South Korea's Kospi Composite Index, which has dropped more than 4% since the beginning of the year, found its footing. The benchmark rose a hefty 1.8% to 1 962.76 after a government report said industrial output grew for the 19th straight month in January.
Citing a government report, Yonhap news agency reported that production in mining and manufacturing rose 13.7% in January from the same month a year earlier, fueled mainly by autos and semiconductors.
That boosted shares such as Kia Motors, the country's second-biggest automaker, up 4.8%, and Hynix Superconductor, the world's second-largest maker of computer memory chips, up 3.3%.
Japan's Nikkei 225 stock average rose 0.7% to 10 563.34, while Hong Kong's Hang Seng index was 1% higher to 23 286.89. Australia's S&P/ASX 200 index was up slightly to 4 807.60. Benchmarks in Singapore, Taiwan, and New Zealand also rose, as did mainland China's Shanghai Composite Index, up 0.6% to 2 930.40.
The mostly strong showing in Asian markets followed Wall Street gains spurred by a hiring report that surprised investors and gave hope the dark clouds over the job market may be clearing.
Payroll processor ADP said US private companies added 217 000 jobs in February, well above the 180 000 analysts had predicted. Analysts said that sets a positive tone for a US government jobs report for February due out on Friday.
That is not to say, however, that concerns have eased over Libya and the recent escalation in oil prices - up nearly $17 per barrel since the North African country's uprising began in mid-February. The rebellion has shut down oil production in many parts of the country. While Libya's oil fields produce only about 2% of global demand, experts say the disruption is putting pressure on world supplies.
The oil disruption ranks as the eighth largest "supply shock" since 1950, Bank of America Merrill Lynch Global Research said in a report.
"If it spreads to more oil exporters, especially the most vital Saudi Arabia, the potential impact on oil prices and general implications for world stability could be considerable. Even if it does not spread to the most vital oil exporters, there is still potential for supply disruptions in the Middle East due to the unrest," the report said.
On Wednesday, the Dow Jones industrial average rose 0.1% to close at 12 066.80, while the broader S&P 500 rose 0.2% to 1 308.44.
Benchmark crude rose 8c to $102.31 in electronic trading on the New York Mercantile Exchange. The contract settled above $102 per barrel for the first time since September of 2008 on Wednesday as fighting escalated in Libya and petroleum demand grew in the US.
In currencies, the dollar was unchanged at ¥81.84, while the euro fell to $1.3855 from $1.3863.
