Asian stocks climbed as oil headed for a second day of decline, easing concern that high prices might crimp global demand, and as Chinese banks rose after a report they are allowed to keep lending to local governments.

Nikkei 225 9,722.52 +88.59 +0.92%

Hang Seng 21,572.7 +354.84 +1.67%

S&P/ASX 200 4,262.74 -4.63 -0.11%

Shanghai Composite 2,451.86 +4.80 +0.20%

Hynix Semiconductor Inc., a South Korean chipmaker, gained 7.2 percent, the biggest gain in the MSCI Asia Pacific Index (MXAP), as Japan’s Elpida Memory Inc. filed for bankruptcy.

Cathay Pacific Airways Ltd., Hong Kong’s biggest carrier, rose 3.4 percent as oil slid further from a nine-month high.

China Construction Bank Co. climbed 1.1 percent in Hong Kong. Japanese exporters fell as gains in the yen cut their earnings outlook.