China's key stock index rose on Wednesday, with telecommunications-related shares firmer on strong subscriber growth, but some recently listed companies slipped below their IPO prices with sentiment weighed down by worries over rising share supplies.
The Shanghai 300 Composite Index regained 30.94 points, or 0.9%, to 3,336.48.
The nation’s central bank reaffirmed plans to keep a "moderately loose" stance for 2010 and to restrict credit for industries with excess capacity, in its final policy statement for the year.
Hong Kong shares retreated from an early gain, edging downwards in subdued trade led by China Construction Bank, but the Hang Seng Index managed to gain momentum, vaulting 236.70 points, or 1.1%, to 21,328.74.
Markets in Japan were off for the day.
Still, traders mostly stayed away ahead of the holiday period and on concern over further measures from the Chinese authorities to curb property market speculation.
Market debutant China Pacific Insurance, China's third-largest life insurer, topped the most heavily traded list as it struggled to hold above its issue price following a $3.1-billion U.S. IPO -- the world's seventh-largest IPO this year.
The insurer slid as to as low as HK$27.50 before recovering to HK$28.40 at midday, up 1.4% from its issue price of HK$28.
Australian stocks rose to a three-week closing high on Wednesday, driven up banks, while Gloucester Coal surged after a takeover offer from Macarthur Coal.
Companies with heavy U.S. exposure, such as shopping mall owner Westfield Group and James Hardie, also gained on hopes of a steady recovery in the world's biggest economy.
Shares worth 3.8 trillion won ($3.22 billion U.S.) traded on South Korea’s Kospi, compared with average daily turnover of 4.4 trillion won so far in December and 7.74 trillion won at this year's April peak.
LG Display, the world's number-two maker of flat screens, advanced 1.44%, and Hyundai Motor, South Korea's top automaker, gained 1.75%.
Shares in Green Cross, the sole domestic manufacturer of H1N1 vaccine, rose 3.08% after the firm told the Korea Exchange it had won an order for the vaccine worth 152.5 billion won ($129.3 million U.S.) from the government.
Elsewhere;
Taiwan’s Taiex index tacked on 45.50, or 0.6%, to 7,901.50
Singapore’s Straits Times index gained 17.74 points, or 0.6%, to 2,841.56
Korea’s Kospi index picked up 5.81 points, or 0.4%, to 1,661.35
New Zealand’s NZX Index finished 30.38 points, 1.1%, higher at 3,209.56
Australia’s S&P/ASX 200 improved 35.10 points, or 0.8%, to 4,739.30
