Shares indexes in Hong Kong and Singapore ended at record highs Wednesday as investors added to positions in the belief that last year's bull market has further to run in 2007.
Japan's financial markets remained closed on Wednesday while Hong Kong's Hang Seng Index rose 103.21 points, or 0.5 percent, to close at 20,413.39.
Analysts said the benchmark index is unlikely to rise significantly further in near term with strong profit-taking activities.
CKI Holdings, the worst-performing blue chip in 2006, rose 5 percent to HK$25.05. COSCO Pacific rose 4 percent to HK$19.32.
Bucking the trend, shares of China urban gas distributors fall as Guangdong plans to cancel one-off connection fee likely to hurt their earnings.
Xinao Gas, which has four projects in Guangdong, down 7.6 percent at HK$7.92. HK & China Gas, which has six projects in the province, dropped 0.6 percent while Panva Gas, which has 3 projects there, slipped 3.3 percent.
Elsewhere:
JAKARTA: Indonesian shares fell on profit-taking after three days of consecutive index gains. The Jakarta Stock Exchange Composite index closed 1.811 points, or 0.10 percent, lower to 1,834.709.
KUALA LUMPUR: Malaysian stocks rose on bullish market sentiment, but there was little immediate impact from the resumption of short-selling of shares. The Kuala Lumpur Composite Index climbed 1.9 percent to close at 1,117.09 points.
MANILA: Philippine shares advanced to their highest level in nearly 10 years on an upbeat economic outlook. The benchmark Philippine Stock Exchange Index gained 43.85 points, or 1.5 percent, at 3,020.70, its best since April 4, 1997.
MUMBAI: India's stock market touched a new high with the benchmark Sensex closing above 14,000 for the first time. The 30-share benchmark index of the Bombay Stock Exchange rose 73 points, or 0.5 percent, to 14,015 points.
SEOUL: South Korean shares fell as local institutions and foreigners remained as sellers during the session. The Korea Composite Stock Price Index, or Kospi, ended down 25.91 points, or 1.8 percent, at 1,409.35 in light volume.
SINGAPORE: Singapore shares rose to end the year's first trading day at a record high, while the city-state reported economic growth accelerated in the fourth quarter. The benchmark Straits Times Index rose 51.9 points, or 1.7 percent, to finish at 3,037.7 points, its third-straight record high, with gains seen across various sectors.
TAIPEI: Taiwan shares fell slightly, giving up early gains when players scrambled to take profits as the benchmark index approached the 8,000 mark. The Weighted Price Index of the Taiwan Stock Exchange dropped 3.5 points, or 0.04 percent, to 7,917.3.
WELLINGTON: New Zealand stocks closed lower in quiet trading as the local share market reopened after the New Year holiday. The benchmark NZX-50 index fell six points, or 0.2 percent, to 4,049.49 on low volumes.
SYDNEY: Australian shares fell, reversing early gains, as participants awaited direction from Wall Street and the London Metal Exchange. The benchmark S&P/ASX 200 index closed at 5,649.3 points, down 20.9 points, or 0.4 percent.
With files from wire services
