Asian stocks losing early gains
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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 eased in afternoon trade, falling back to a 0.80 percent gain to stand at 873.91 points.
Shinhan Financial Group has eased from early gains but remains 2.46 percent higher at 20,800 won.
Electronics leader Samsung Electronics is 1.10 percent higher but Hyundai Motor gave up its early gain to fall 0.45 percent to 47,150 won.
Singapore's Straits Times index has lost ground after a bright start, shedding 0.11 percent to be 1870.55 in afternoon trade.
DBS Holdings has gained 1.33 percent to trade at S$15.20.
Taiwan's Taiex is another negative performer, dropping 0.54 percent from Tuesday's 41-month high.
Its semiconductor bellwethers, TSC and UME, have lost 0.78 and 0.97 percent respectively.
New Zealand's Top 50 index has closed down. It dropped 0.76 percent to stand at 2439.054.
Its biggest losers included Air New Zealand, down 2.38 percent, and Telecom NZ, which has 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.
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 2.26 per cent higher at A$5.44 and Commonwealth Bank has risen 2.42 percent to A$31.73 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.
Media heavyweight News Corp is 0.58 percent higher at A$12.06, 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.
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.
