Most Asia markets rise but Jakarta down on blasts

UNITED STATED. Asian stocks traded mostly higher for a fourth day Friday as better-than-expected earnings in the U.S. continued to buoy recovery hopes, but Indonesian markets were shaken by deadly bomb blasts at hotels in the country's capital.

Indonesia's shares initially tumbled more than 2 percent after a pair of powerful explosions killed nine and wounded at least 50 people at the upscale Ritz-Carlton and Marriott hotels in Jakarta. The country's currency, the rupiah, dropped almost 1 percent against the dollar.

Most Asian markets followed Wall Street higher as investors welcomed stronger results from U.S. technology bellwethers IBM Corp. and Google Inc., as well as financial giant JPMorgan Chase & Co.

This week's corporate results have come as something of a relief to investors, who sent stocks lower earlier this month out of concern earnings would reveal the U.S. economy in far worse shape than originally thought.

"I don't think we're completely out of the woods yet, but the biggest parts of the economy seem to be more sound and this is going to help markets both in the U.S. and Asia," said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong.

Japan's Nikkei 225 stock average rose 51.85 points, or 0.6 percent, to 9,396.01 and Hong Kong's Hang Seng was up 259.87, or 1.4 percent, at 18,621.74.

South Korea's Kospi added 0.4 percent and India's Sensex advanced 2 percent. Australia's market traded down modestly.

In Jakarta, the main stock measure fell over 2 percent before paring its losses, trading 1.2 percent lower at 2,092.081 as the two blasts spooked investors. The rupiah slid against the dollar to trade at 10,175 compared to 10,090 earlier.

The explosions are a set back for the country's markets, among the world's strongest this year with the main index up 54 percent.

Foreign investors have poured into Indonesian equities and the rupiah of late, attracted by the country's comparatively healthy banks, commodities sector and its relative political stability, though corruption is still rampant. President Susilo Bambang Yudhoyono was re-elected last week in what was considered a largely peaceful poll.

Overnight in the U.S., the Dow rose 95.61, or 1.1 percent, to 8,711.82, its highest close since June 12.

The Standard & Poor's 500 index rose 8.06, or 0.9 percent, to 940.74. The Nasdaq rose 22.13, or 1.2 percent, to 1,885.03, its best finish since Oct. 3.

U.S. stock futures pointed to modest losses Friday on Wall Street. Dow futures were down 28, or 0.3 percent, to 8,641 and S&P futures fell 3.7, or 0.4 percent, to 932.

Oil prices slid 40 cents to $61.62 a barrel in Asian trade amid signs of sluggish crude demand. The contract added 48 cents overnight.

The dollar weakened to 93.64 from 93.76. The euro was lower at $1.4123 from $1.4140.