Asian markets ended mostly higher on Wednesday despite the broadly negative cues overnight from US markets, amid the continued spike in crude oil prices and as traders picked up stocks at a bargain after the recent sell-off. However, the escalation in the Russia-Ukraine conflict and stringent sanctions imposed on Russia by the Western countries rendered the mood cautious. There were concerns about global oil supply after U.S. President Joe Biden announced a ban on import of Russian oil, liquefied natural gas, and coal. The surging energy prices will lead to higher inflation, encouraging the Federal Reserve to more aggressively raise interest rates. Japanese shares gave up early gains to end slightly lower, extending losses for the fourth straights session amid concerns about inflationary risks and a slowdown in the global economy.
| Indices | Last Trade | Change in Points | Change in % |
| Shanghai Composite | 3,256.39 | -37.14 | -1.13 |
| Hang Seng | 20,627.71 | -138.16 | -0.67 |
| Jakarta Composite | 6,864.44 | 50.26 | 0.74 |
| KLSE Composite | 1,562.33 | 15.46 | 1.00 |
| Nikkei 225 | 24,717.53 | -73.42 | -0.30 |
| Straits Times | 3,195.38 | 46.52 | 1.46 |
| KOSPI Composite | -- | -- | -- |
| Taiwan Weighted | 17,015.36 | 190.11 | 1.13 |
