By Darren Boey and Jonathan Burgos Nov. 3 (Bloomberg) -- Asian stocks fluctuated as concern over the withdrawal of stimulus measures overshadowed Ford Motor Co.’s unexpected profit and a rally in gold prices. National Australia Bank Ltd. sank 1.1 percent as the country’s central bank raised interest rates for the second time in four weeks. Hyundai Motor Co., which controls 4.4 percent of the U.S. auto market, added 2.9 percent in Seoul as Ford said it expects to be “solidly profitable” in 2011. Zijin Mining Group Co., China’s No. 1 gold producer, rose 3.4 percent in Hong Kong after the precious metal climbed to a one-week high. The MSCI Asia Pacific excluding Japan Index swung between gains and losses at least six times and was down 0.3 percent at 387.82 as of 11:45 a.m. in Hong Kong. The gauge has surged 89 percent from a three-month low on March 2 on signs government stimulus measures will revive the global economy. “We’re tending towards the view that we will see some relapse next year as people basically lose faith in governments’ ability to continue to come to the rescue,” said Peter Elston, a Singapore-based strategist at Aberdeen Asset Management Plc, which had about $234 billon under management as of Sept. 30. Japanese markets are closed for a holiday. China’s Shanghai Composite Index climbed 1.3 percent and Hong Kong’s Hang Seng Index lost 0.7 percent. Australia’s S&P/ASX 200 Index was little changed, while South Korea’s Kospi Index lost 0.3 percent. Futures on the U.S. Standard & Poor’s 500 Index added 0.3 percent. The gauge advanced 0.7 percent yesterday as the Institute for Supply Management’s factory index rose to a three- year high. Higher Interest Rates National Australia Bank, the country’s third-largest by market value, lost 1.1 percent to A$28.59, while Westpac Banking Corp., the second biggest, dropped 0.8 percent to A$25.39. Australia’s central bank raised its overnight cash rate target to 3.5 percent from 3.25 percent, as forecast by 18 of 22 economists surveyed by Bloomberg News. The rest expect a half- point increase. Australia on Oct. 6 became the first Group of 20 nation to raise interest rates amid signs of strength in its economy, while the Bank of Japan said last week it will let its programs of buying corporate debt expire at the end of the year. Investor concern about the withdrawal of stimulus policies and lower-than-estimated profits at companies from PetroChina Co. to National Australia Bank Ltd. have dragged the MSCI Asia Pacific Index, which includes Japan, down by 5.2 percent from this year’s high on Oct. 20. Hyundai Motor, Kia The measure lost 1.3 percent last month, the first drop since February. Stocks on the MSCI gauge trade at an average 22 times estimated profit, the lowest level since May 14, according to Bloomberg data. “Further improvements in the economic and corporate news will help justify valuations,” said Jason Teh, who helps manage $3.2 billion at Investors Mutual in Sydney. “A lot of stocks have had a good run, making it harder to find value in this market.” Ford, the only major U.S. automaker to avoid bankruptcy, posted a quarterly pretax profit of $1.1 billion, or 26 cents a share, compared with a year-earlier loss of $3 billion, or $1.32. Ford beat the 20 cents a share adjusted loss estimated by an average of 11 analysts surveyed by Bloomberg. In Seoul, Hyundai Motor rose 2.9 percent to 105,000 won. The company controlled 4.4 percent of the U.S. auto market at the end of September, according to Autodata Corp. Kia Motors Corp., which got 30 percent of its revenue last year in North America, gained 2 percent to 18,000 won. Zijin Mining rose 3.4 percent to HK$7.92 after gold futures in New York gained 1.2 percent in after-hours trading. Prices jumped 1.3 percent to $1,054 an ounce in New York yesterday, the highest closing level since Oct. 23. Newcrest Mining Ltd., Australia’s largest gold producer, climbed 4.8 percent to A$33.65, while Lihir Gold Ltd. added 3.6 percent to A$3.15.

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