By Chua Kong Ho

Jan. 30 (Bloomberg) -- Asian stocks rose for a second day, led by commodity producers, on speculation U.S. interest-rate cuts will support growth and sustain demand for raw materials.

BHP Billiton Ltd., the world's largest mining company, climbed after metals and oil prices surged. Nippon Yusen K.K. led an advance by Japanese shipping companies after Credit Suisse Group boosted its stock rating. Samsung Electronics Co. and Hynix Semiconductor Inc. gained after UBS AG raised its targets.

``Markets can recover on the back of further rate cuts and improvement of sentiment,'' Beat Lenherr, who helps manage $22 billion in assets as Singapore-based chief global strategist at LGT Capital Management, said in a Bloomberg Television interview.

The MSCI Asia Pacific Index climbed 0.3 percent to 143.67 at 11:55 a.m. in Tokyo. Seven out of 10 industries on the region's benchmark rose.

Japan's Nikkei 225 Stock Average advanced 0.1 percent to 13,494.57. Hong Kong's Hang Seng Index rose 0.7 percent. South Korea's Kospi index slumped 1.1 percent, led by Hyundai Heavy Industries Co., after Macquarie Group Ltd. cut its recommendations on the country's four largest publicly traded shipyards.

The U.S. Standard & Poor's 500 Index added 0.6 percent yesterday. The Federal Open Market Committee, ending a two-day meeting today, will probably cut interest rates by half a percentage point to 3 percent, according to more than half of economists surveyed by Bloomberg News. That would follow an emergency cut of three-quarters of a point on Jan. 22.

Metals, Oil Prices

BHP, also Australia's largest oil producer, gained 3 percent to A$36.76, while smaller Rio Tinto increased 2.6 percent to A$116.48. Sumitomo Metal Mining Co., Japan's biggest nickel producer, added 1.9 percent to 1,787 yen. Inpex Holdings Inc., the largest Japanese oil explorer, advanced 1 percent to 1.04 million yen. PetroChina Co., the country's biggest oil company, gained 2.3 percent to HK$11.50.

A measure of six metals traded on the London Metal Exchange, including copper and nickel, gained 3.8 percent yesterday. Copper rose 3.3 percent, nickel gained 2.8 percent, and zinc increased 3.9 percent. Crude oil rose 0.7 percent to $91.64, the highest since Jan. 15.

Nippon Yusen, Japan's largest shipping line, gained 5.9 percent to 874 yen, its highest level since Dec. 28. Mitsui O.S.K. Lines Ltd., the No. 2 shipping company in Japan, advanced 5.9 percent to 1,304 yen. Neptune Orient Lines Ltd., operator of Southeast Asia's biggest container shipping line, climbed 3.1 percent to S$3.37 in Singapore.

Credit Suisse Group raised its stock rating on Nippon Yusen to ``outperform'' from ``neutral'' after the Tokyo-based shipping company increased its profit forecast.

Samsung, Hynix

Samsung, the world's biggest computer-memory maker, advanced 3.4 percent to 577,000 won. Hynix, the No. 2, gained 5 percent to 265,000 won. UBS AG lifted its price estimate on Samsung by 2 percent, citing ``anticipated stronger'' chip prices, and recommended investors buy shares in Hynix, according to a report published today.

Hino Motors Ltd., Japan's largest heavy-duty truck maker, gained 6.9 percent to 695 yen, the highest level since Dec. 28, after third-quarter profit surged on demand in the Middle East and Asia.

Hyundai Heavy, the world's largest shipbuilder, declined 6.7 percent to 298,000 won in Seoul, the second-biggest drag on the MSCI index. Samsung Heavy Industries Co., the second largest, declined 5.3 percent to 26,850, a nine-month low.

Macquarie cut ratings on South Korea's shipyards and reduced share-price estimates by as much as 70 percent on slowing order growth this year.

``Banks, suffering huge losses related to subprime mortgages, have turned more cautious in their lending policies to shipping/charter companies,'' wrote E.S. Kwak, an analyst. Costs for labor and steel plates are also rising, Kwak said.

Daewoo Shipbuilding & Marine Engineering Co. the world's third-largest maker of ships, slipped 5.6 percent to 32,200, the lowest since March 6. Hyundai Mipo Dockyard Co., which reported a 12 percent decline in fourth-quarter profit yesterday, lost 8.4 percent to 184,500, the lowest in more than nine months.