Late flourish lifts Asia stocks
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Asian markets closed mixed Wednesday, with Seoul doing best.
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(CNN) -- Asian markets finished strongly Wednesday with South Korea's Kospi index achieving a 22-month high after a solid day on Wall Street.
Japan, the region's largest bourse, was closed for a national holiday.
The MSCI index, the broadest indicator of Asian stock value, rose to a four-year high, indicating investors are not worried about a weak dollar, or Tuesday's OPEC announcement that it will cut oil production. (Full Story)
In South Korea, the Kospi index enjoyed a late flurry of activity to finish 1.1 percent higher at 876.34 points -- its highest point since April 24, 2002.
Electronics leader Samsung Electronics, the world's largest manufacturer of memory chips, finished 2 percent up at a record high of 553,000 won.
Shinhan Financial Group moved 3.19 percent higher to 20,800 won.
Hyundai Motor gave up its early gains to finish steady at 47,450 won.
Singapore's Straits Times index has lost ground after a bright start, shedding 0.1 percent to be 1872.36 in late afternoon trade.
DBS Holdings has gained 0.67 percent to trade at S$15.10.
In Hong Kong, the Hang Seng has increased 1 percent to 13567.00 in afternoon trade with Sinopec Corp, Asia's largest oil refiner, gaining 3 percent.
Taiwan's Taiex is a negative performer, dropping 0.52 percent to 6454.39, down from Tuesday's 41-month high.
Its semiconductor bellwether UMC lost 0.97 percent while rival TSMC was steady.
New Zealand's Top 50 index dropped 0.76 percent to close at 2439.054.
Its biggest losers included Air New Zealand, down 2.38 percent, and Telecom NZ, which shed 1.07 percent to NZ$5.57.
New Zealand Finance Minister Michael Cullen said Wednesday financial markets were acting in an "irrational" manner after his country's currency hit a seven-year high against the dollar.
The New Zealand dollar, which has been steadily growing in value since it was worth 55 U.S. cents a year ago, briefly topped the 70c mark for the first time since May 1997.
Analysts attributed the rise to the weak U.S. dollar and interest rates in New Zealand, where the benchmark cash rate is 5.25 per cent, compared with 1 per cent in the U.S.
Other countries face the same issue. Singapore's currency is at a four-year high against the dollar, while Australia's dollar is near seven-year highs.
Australian stocks were bolstered by strong results from the Commonwealth Bank and resources leader WMC.
Australia's benchmark S&P/ASX 200 index finished 0.44 percent higher at 3300.9.
WMC gained 2 per cent to close at A$5.43 and Commonwealth Bank rose 2.32 percent to A$31.69 after its result beat market expectations.
The WMC result gave the company its first opportunity to offer stockholders a dividend. (Full Story)
Commonwealth Bank 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.
The bank said it will buy back up to A$500 million of its own shares from next month.
Other key Australian bank stocks gained.
Media heavyweight News Corp was 0.58 percent higher at A$12.10, while the country's national telecommunications carrier, Telstra, fell 1.42 percent to A$4.82 a day before it hands down its half-year earnings report.
Investors also appear heartened by a positive day on Wall Street.
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 Tuesday 's announcement 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.
