Most Asian stocks climbed for a second day after JPMorgan Chase & Co. reported better-than- estimated profit and oil prices slumped for a third day.

Mizuho Financial Group Inc., Japan's third-largest bank by market value, led gains by financial companies. Korean Air Lines Co. climbed to the highest in almost three weeks after oil dropped more than $15 in three days. Gains were limited as Inpex Holdings Inc. led energy shares lower.

About five stocks rose for each that declined on the MSCI Asia-Pacific Index, which was little changed at 130.82 at 9:16 a.m. Tokyo time. The benchmark has dropped 2.1 percent this week, after falling to the lowest since October 2006 on July 16.

The regional benchmark has lost 17 percent this year, led by financial companies, after the world's largest banks and securities firms reported writedowns and credit losses of more than $420 billion.

Japan's Nikkei 225 Stock Average added 0.6 percent to 12,959.21. Benchmark indexes rose in South Korea and New Zealand, and fell in Australia.

U.S. stocks climbed yesterday, sending the Dow Jones Industrial Average to its best two-day gain in almost six years. Shares of JPMorgan rose 14 percent yesterday after the largest U.S. bank by market value said second-quarter earnings were 54 cents per share, compared with analyst estimates for a 44-cent profit.