Asian stocks traded mixed on Wednesday, with Japanese markets little moved as the Bank of Japan (BoJ) kept its massive monetary stimulus intact as expected.
Overnight, US stocks gave up gains in the minutes before the close as investors eyed continued gains in oil and the US dollar ahead of the unofficial start of earnings season on Wednesday. The Dow Jones Industrial Average finished in neutral territory, while the S&P 500 and Nasdaq Composite ticked down 0.2 and 0.1 percent each.
Mainland indices mixed
China's Shanghai Composite index saw extremely volatile trade, rebounding 0.1 percent at 1140 SIN/HK after touching fresh seven-year highs at the open.
Train makers CSR and China CNR appear set to rise by the daily maximum allowable 10 percent for the second straight session in Shanghai after their proposed merger was approved by mainland authorities. In Hong Kong, shares of both companies soared over 30 percent each, helping the broader Hang Seng index to surge 2.4 percent to its highest level since May 2008. The bourse was also playing catch-up with its regional peers after being closed since Good Friday.
Alibaba Pictures Group, the movie division of Chinese e-commerce giant Alibaba Group Holding, jumped 12.6 percent, boosted by an announcement regarding injection of entertainment assets from its parent company.
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Nikkei gains 0.4%
Japan's Nikkei 225 stayed near a two-week high, while the yen rose as high as 119.99 against the US dollar, after the BoJ held its monetary policy unchanged.
Tokyo-based pharmaceutical company Eisai rallied nearly 2 percent after it was granted an additional patent for its Belviq drug. Following the news, Eisai's US partner Arena Pharmaceuticals bolstered 3.9 percent overnight on the Nasdaq.
Fast Retailing, which is due to put out first-half results on Thursday, notched down 0.5 percent.
Australia's S&P ASX 200 index edged up in the morning session, overcoming the disappointment from the Reserve Bank of Australia's (RBA) decision to hold borrowing costs steady at a record low of 2.25 percent yesterday.
The oil and gas sector reaped in steep gains on the back of firmer oil prices overnight. Oil Search climbed 4.8 percent, while Santos and Woodside Petroleum rose 3.8 and 2.5 percent each.
Junior miners remain in focus after Atlas Iron sought a trading halt on Tuesday. "The news from Atlas Iron was something I have long suggested was coming and I don't believe it will be the last bad news on the wires. I have concerns for BC Iron, Mount Gibson and the junior play Gindalbie Metals," Evan Lucas, IG's market strategist, wrote in a note.
Shares of BC Iron and Gindalbie Metals tanked 5 and 12 percent each, but Mount Gibson advanced 2.6 percent.
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Kospi adds 0.4%
South Korea's Kospi index widened gains by mid-morning trade, thanks to gains in its index heavyweights. Samsung Electronics, which released its guidance on first-quarter results Tuesday, gained 1.2 percent, while Hyundai Motor and Posco bounced up 0.3 and 3 percent each.
Oil refiners climbed steadily upwards, with S-Oil and SK Innovation up 9 and 6.9 percent, respectively. However, Korean Airlines and Asiana Airlines retreated as higher fuel prices mean higher operating costs.
Hyundai Steel and Hyundai Hysco rallied 4.3 and 2.6 percent each on news of a merger.
Rest of Asia down
In Singapore, shares of Singapore Telecommunications elevated 0.5 percent following news that the telecom service provider will be acquiring Trustwave Holdings, a privately-held information security company based in Chicago. The broader Straits Times index dipped 0.2 percent.
Taiwanese manufacturer of smartphones and tablets HTC dropped 2.1 percent after announcing better-than-expected first-quarter profit, outpacing a 0.6 percent drop in the broader Taiex index.
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