Market Update
Japanese stocks outshone broader indexes in the Asian region after the Bank of Japan announced more stimulus measures to boost the economy.
The Nikkei rallied 3.1%, logging its best performance so far this year, which was driven by the central bank's decision at its two-day policy board meeting ended Tuesday to double the scale of its two lending programs.
Elsewhere, the Shanghai Composite, was down 0.8% after reports said the country's central bank mopped up 48 billion yuan from the money market on Tuesday through bond-repurchase agreements.
The Hang Seng, however, managed to trim early losses, ending up 0.2%.
Australia's All Ordinaries inched up 0.1% as investors reacted to some corporate results. Meanwhile, minutes of the Reserve Bank of Australia's last policy meeting showed the bank was in favour of maintain "a period of stability in interest rates". The RBA had kept the cash rate at a record low of 2.5% at its February policy meeting.
Mumbai's Sensex rose 0.8%, a day after the country's finance minister announced the interim budget.
Stocks on the Move
The yen's weakness against the dollar and euro following the BoJ statement spurred interest in export-focussed shares in Tokyo.
Nintendo jumped 5.1%, Sumco Corp. bounced nearly 6% and Konami Corp. surged 7.2%. Renesas Electronics Corp. soared over 8.5% amid reports the company plans to make advanced chips for cars.
Supermarket chain operator Aeon Co. Ltd was 1.6% higher after the company said it is building more shopping malls in China.
Financials in Hong Kong were mostly weak following the central bank liquidity data.
Largest lender ICBC slipped 0.4% while Bank of Communications erased 0.4%.
China Citic Bank Corp. gained 0.7% after posting 26.2% higher net profit for 2013.
Property developers were on the downside too. China Overseas Land & Investment Ltd. lost over 1% and China Resources Land retreated 0.9%.
Mainland listed metal players were lacklustre, weighing on the benchmark index -- Jiangxi Copper declined 2.3% while Zhongjin Gold Co. Ltd. fell 2.9%.
Jewellery maker Goldleaf Jewellery Co. shone 10% after announcing plans to acquire a Texas-based oil and gas operator for around $665 million, in a bid to diversify into overseas energy markets.
Sydney-listed gold diggers posted heavy losses, after gold futures lost ground in electronic trades after a World Gold Council report said demand for the yellow metal dropped 15% last year.
Perseus Mining plunged nearly 8%, Medusa Mining tumbled 5.4% while Newcrest Mining was 1.8% lower.
Other miners were modestly higher. Index leader BHP Billiton rose 2.3% after posting better-than-expected first-half results.
Rio Tinto was 1.9% higher while Fortescue Metals Group gained 2.8%.
In other stock-specific moves, Amcor Ltd. lost 4.2% after reporting lower fiscal first-half profit, while Coca-Cola Amatil declined 5.3% after the company said its $367 million write-off at its packaged foods unit resulted in record low profits since 1992.
In Mumbai, stocks opened on a cautious note but surged to nearly three-week closing highs on the back of gains in banking firms, capital goods and auto firms.
Axis Bank was up 4.4% leading the gainers, ICICI Bank rose 2.8%, Maruti Suzuki accelerated 2.6% and Tata Power added 2.5%.