Aug. 16 (Bloomberg) -- Asian stocks rose in U.S. trading as oil prices retreated from a record, easing concern that higher energy costs will damp economic growth. Advantest Corp. and BHP Billiton led technology and metal shares higher.

The Bank of New York Co.'s Asia ADR Index, which tracks the region's American depositary receipts, added 0.3 percent to 97.08. It has lost 5 percent this year as oil prices climbed to record highs and the U.S. started lifting interest rates.

``In Asia, there are lots of decent companies,'' said Raymond Lin, a portfolio manager at Tricera Capital in San Francisco. ``If anything could happen to alleviate the factors that are causing the bearish sentiment, that would be a positive thing.'' Lin favors companies in South Korea, Taiwan and Singapore.

Crude oil futures fell 1.1 percent to close at $46.05 a barrel in New York, after reaching a record $46.91. Futures were up 48 percent from a year ago and set records in all but one session since July 30.

Advantest, the world's biggest maker of memory-chip testing equipment, advanced 2.7 percent to $15.37. Taiwan Semiconductor Manufacturing Co., the world's largest supplier of made- to-order computer chips, rose 1.6 percent to $6.98.

BHP Billiton, the world's largest mining company, gained 2.2 percent to $19.19. Alumina Ltd., whose venture with Alcoa Inc. has a quarter of the world's alumina output capacity, climbed 1.9 percent to $14.90.

`Discernable Trend'

Still, Tricera's Lin said today's shares gains may not last. ``There hasn't been a discernable trend and I don't know if this is a sign that people would pile in right now,'' he said.

Lin said he's betting on companies that benefit from increased manufacturing outsourcing to China, such as Lung Kee (Bermuda) Holdings Ltd., a Hong Kong plastic mold maker.

Hyundai Motor Co. dropped 3.3 percent to $19.90 in London trading. DaimlerChrysler AG, the world's fifth-largest automaker, sold a $912 million stake in Hyundai Motor, South Korea's largest automaker. DaimlerChrysler sold 45.8 million global depositary receipts at $19.92 apiece in a sale managed by Goldman Sachs Group Inc., a spokesman for the bank said.

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

Last Updated: August 16, 2004 17:12 EDT