S. Korea leads Asia stocks charge
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Stocks on the South Korean Kospi index begin Wednesday in positive territory.
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(CNN) -- Asian markets are mixed in early trade Wednesday, with South Korea higher after a strong day on Wall Street.
Japan, the region's largest bourse, is closed for a national holiday.
In South Korea, the Kospi index has made a strong early run, gaining almost 1 per cent to stand at 874.98 points.
Shinhan Financial Group leads the charge, up 3.93 percent to 216,000 won.
Electronics leader Samsung Electronics is 1.65 percent higher and big exporter Hyundai Motor maintains its positive run with a 0.95 percent gain to stand at 47,900 won.
Singapore's Straits Times index is also in an optimistic mood, putting on 0.32 percent to be 1878.29 in morning trade.
DBS Holdings has gained 0.67 percent to trade at S$15.10.
Taiwan's Taiex is one of the negative performers, dropping 0.31 percent after touching a 41-month high Tuesday.
However its semiconductor bellwethers, TSC and UME, are up 0.78 and 0.65 percent respectively.
New Zealand's Top 50 index is down in afternoon trade. It has shed 1.07 percent to stand at 2431.467.
Its biggest losers include Air New Zealand, down 2.38 percent, and Telecom NZ, which has shed 1.55 percent to NZ$5.50.
Australian stocks have been bolstered by strong results from the Commonwealth Bank and resources leader WMC.
Australia's benchmark S&P/ASX 200 index is up 0.44 percent to 3300.9.
WMC is 2.63 per cent higher at A$5.45 and Commonwealth Bank (CBA) has risen 1.58 percent to A$31.46 after its result beat market expectations.
The WMC result gave the company its first opportunity to offer stockholders a dividend.
CBA announced a net profit after tax of A$1.243 billion for the half-year to December, up from A$622 million. On a cash basis, its net profit was A$1.24 billion, an increase of 3 percent on the corresponding period on 2002.
Earnings per share were 96c and directors declared an interim dividend of 79c per share.
Media heavyweight News Corp is 1.25 percent higher at A$12.12, while the country's national telecommunications carrier, Telstra, is unmoved a day before it hands down its half-year earnings report.
Investors also appear heartened by a positive day on Wall Street Monday.
The Dow Jones industrial average closed 0.33 percent higher at 10,613.85. The tech-heavy Nasdaq gained 0.72 per cent to 2075.33 and the S&P 500, rose 0.50 per cent to 1,145.54. (Full Story)
Investors in Asia are also weighing the impact of an announcement Tuesday from OPEC in which it said it would cut excess production of crude immediately. (Full Story)
It will reduce quotas by 1 million barrels a day from April 1. Analysts say consumers will continue to pay high prices for fuel at the bowser.
