HONG KONG (Bloomberg) -- Asian stocks rose, led by energy companies, as crude oil prices climbed to a record. PetroChina Co. surged 13 percent, surpassing General Electric Co. to become the world's second largest company by market value.

“Given limited oil supplies and that China's demand continues to be strong, the outlook for oil-related stocks remains positive in the long run,” said Carmen Au-Yeung, who helps manage the equivalent of 12 billion dollars in global equities at Comgest (Far East) Ltd. in Hong Kong.
BHP Billiton Ltd., Australia's largest oil producer, rose to a record. China Mobile Ltd. also climbed to a high after UBS AG lifted its share-price estimate.
Cathay Financial Holding Co., Taiwan's largest financial services provider by market value, gained after receiving a permit to open a branch in China.
The Morgan Stanley Capital International Asia-Pacific Index added 0.4 percent to 168.84 as of 7:16 p.m. in Tokyo.
Benchmarks in China, Hong Kong, and India climbed to records. Japan's Nikkei 225 Stock Average rose 0.2 percent, while the broader TOPIX index lost 0.1 percent.
Malaysia and Indonesia were closed for holidays. All other markets gained, except Australia.
AGL Energy Ltd., the country's biggest electricity and gas retailer, had the steepest decline in the MSCI Asia-Pacific index after the company cut its full-year profit estimate.
An index of energy stocks in the regional measure gained 4.5 percent, the most among the benchmark's 10 industry groups. Crude oil climbed as much as 1.1 percent to a high of 84.64 dollars a barrel in after-hours trading Monday.
----------- Oil stocks rise
PetroChina, the country's biggest oil company, surged in Hong Kong to a record close of 18.78 Hong Kong dollars, swelling the company's market value to 3.36 trillion Hong Kong dollars (433.7 billion dollars).
That's more than General Electric's 420.4 billion dollars and is second worldwide only to Exxon Mobil Corp.'s 518.5 billion dollars in value.
Oil and natural gas output at PetroChina rose 4.3 percent in the first nine months of the year as demand increased in the world's fastest growing major economy, the company said.
BHP added 0.7 percent to 46.50 Australia dollars. Woodside Petroleum Ltd., Australia's No. 2 oil producer, gained 1 percent to 54.50 Australia dollars.
CNOOC Ltd., China's largest offshore oil company, jumped 10 percent to 14.86 Hong Kong dollars in Hong Kong. The company plans to more than double production at the Bohai Bay field in Northeastern China in the next five to six years, according to company officials.
China Mobile, the world's biggest mobile phone operator by users, gained 6 percent to 141.60 Hong Kong dollars, a record close. UBS lifted its price forecast for the stock to HK$178 from HK$128 because of the company's value added services and earnings prospects, analysts at the brokerage including Jinjin Wang said in a research note Monday.
---------- Peace deal?
Cathay Financial climbed 1.4 percent to NT$81.50. The company received approval to open a new life insurance branch in Beijing and to begin offering property insurance in China, the insurer said after the market's close on Oct. 12.
Taiwan's stocks rose Monday after Chinese President Hu Jintao said at the opening of the Communist Party congress in Beijing that he is ready to discuss a peace agreement with the island.
AU Optronics Corp., the world's third biggest maker of liquid crystal displays, rose 6.8 percent to NT$64.60. The company's third quarter profit may beat its estimate, Eric Lin, an analyst at UBS wrote in a report.
AGL Energy tumbled 17 percent to A$13.03, its biggest closing slide on record. Reduced retail energy margins and higher natural gas costs contributed to the lower profit estimate, AGL Energy said.
---------- “Disappointed”
“With AGL, most people are pretty disappointed with the management,” said Steven Marsh, who helps manage the equivalent of 632 million dollars at Trust Co. in Sydney. “Their last guidance was on track and now they come out a few weeks later and say that's not the case.”
Chubu Electric Power Co., Japan's third biggest power utility, fell 1.7 percent to 2,950 yen. Korea Electric Power Corp., the supplier of almost all South Korea's power, lost 0.2 percent to 41,250 won.
Mitsubishi UFJ Financial Group Inc., Japan's biggest publicly traded bank, slid 3.7 percent to 1,127 yen. Mizuho Financial Group Inc., the country's second largest listed bank, dropped 1.8 percent to 665,000 yen.
Lenders fell because earnings prospects at consumer lending affiliates were “unclear,” said Yumi Nishimura, an equity marketing manager at Daiwa Securities SMBC Co. in Tokyo.
Kookmin Bank, South Korea's biggest lender, lost 2.3 percent, to 77,200 won. Woori Finance Holdings Co., the country's third largest lender, fell 1.2 percent to 20,500 won.
Hana Daetoo Securities Co. cut its recommendation on banks to “neutral” from “overweight,” citing slow earnings growth and declining profitability, a report showed.
“Investors have been going sour on banks as there's not much attractive about them,” said Kim Young Joon, who oversees 2.5 billion dollars at NH-CA Asset Management in Seoul.