Most of the Asian equity indices are trading higher in the morning deals on Wednesday, tracking cues from Wall Street where the major averages closed stronger overnight thanks to some upbeat economic and earnings reports. Further, the reports bolstered the outlook for the global economy and BHP Billiton advancing amid increased iron-ore shipments also contributed to the upside. Meanwhile, after opening on a firm note on positive global cues, the Japanese stock market pared gains as the session progressed, with investors taking some profits. Chinese stocks rallied, sending a gauge of Hong Kong-traded (HSCEI) mainland companies to the highest level this year, on speculation the government is accelerating measures to support the housing market. Among other markets in the Asia-Pacific region, Indonesia, Singapore, Hong Kong and Shanghai are trading notably higher. Malaysia is trading marginally higher, while South Korea is trading weak.
Hang Seng gained 153.64 points or 0.65% to 23,935.75, Straits Times increased by 19.74 points or 0.60% to 3,336.65, Jakarta Composite soared 50.22 points or 0.99% to 5,133.74, Shanghai Composite spurted by 3.81 points or 0.18% to 2,079.29 and FTSE Bursa Malaysia KLCI was up by 0.34 points or 0.02% to 1,871.70.
On the flip side, Nikkei 225 tumbled by 9.79 points or 0.06% to 15,333.49 and KOSPI Index was down by 0.24 points or 0.01% to 2,028.69.
Taiwan market remained shut for the trade today for Typhoon Matmo Holiday.