Aug. 19 (Bloomberg) -- Asian stocks rose in U.S. trading for a fourth day. Taiwanese computer-related shares such as AU Optronics Corp. gained on expectation their slide this year more than reflects concern over slowing profit growth.

There is a ``vast valuation differential'' between technology companies in the U.S. and Taiwan, wrote CLSA Ltd.'s Christopher Wood, the top-ranked Asia strategist in Institutional Investor magazine's survey last year. ``The recent selloff is overdone'' in Taiwan, he said.

The Bank of New York Co.'s Asia ADR Index, which tracks the region's American depositary receipts, added 0.1 percent to 98.88. The Taiwan ADR Index gained 0.5 percent to 137.57.

The Morgan Stanley Capital International Taiwan/Information Technology Index has slumped 31 percent this year, compared with a 2.7 percent increase in the MSCI Asia-Pacific Index. Shares in the MSCI Taiwan index trade at 19 times earnings. By contrast, the Nasdaq Composite Index has a multiple of 46.

AU Optronics, the world's third-largest maker of flat-panel displays for computers and televisions, climbed 2.3 percent to $12.74. Advanced Semiconductor Engineering Inc., Taiwan's largest chip packager, jumped 5.1 percent to $3.73.

`Huge Risk'

The Asia ADR index swung between gains and losses during the day as investors weighed the impact of record-high oil prices on Asia, a net importer of the commodity. Gross domestic product reports from South Korea and Taiwan, due Friday, will provide further insight on the region's economic strength.

``The oil price is a huge risk for Asia's economies,'' said Colin Bell, a partner at Prince Street Capital Partners, which runs a $60 emerging-markets hedge fund.

Crude oil futures jumped 3 percent to a record $48.70 a barrel in New York. Prices were up 59 percent from a year earlier.

The New York-based Conference Board's gauge of the U.S. economy's likely performance over the next three to six months fell in July, indicating that record energy prices are keeping growth from accelerating.

Toyota Motor Corp., Asia's largest automaker whose Camry sedan was the most widely sold car in the U.S., slipped 1.1 percent to $75.29.

China Mobile (H.K.) Ltd., the nation's largest wireless phone company, fell 2.8 percent to $13.74. The company delivered ``a trio of disappointments'' in announcing a lower-than-expected dividend payment, rising capital expenditure and slowing data revenue growth, ABN Amro Ltd. analyst Helen Zhu wrote in a note to clients. Zhu reiterated her ``reduce'' rating on the stock.

Yanzhou Coal Mining Co. climbed 5 percent to $55. The Chinese coal producer is due to announce earnings today. First- half profit probably rose 65 percent to 1.22 billion yuan ($147 million) from a year earlier, according to the median forecast of five analysts in a Bloomberg News survey.

To contact the reporter on this story: Lu Wang in New York at Lwang8@bloomberg.net

Last Updated: August 19, 2004 17:08 EDT