Japan, Korea markets end firmer

Japan's prime minister-in-waiting Junichiro Koizumi (centre) is having a positive effect on the market so far

HONG KONG, China -- Japanese and Korean markets ended firmer on Wednesday, ignoring Wall Street's overnight decline on the back of bleak earnings reports.

In Tokyo, the market was helped by solid gains in lower-priced "old economy" stocks such as shipbuilders and general constructors.

AUDIO CNN's Dalton Tanonaka on the Asian stock market close. 705 KB/1:05mins AIFF or WAV sound

The benchmark Nikkei average closed up 0.61 percent at 13,872.50. The broader TOPIX index was up 1.01 percent at 1,341.40.

Japan's prime minister-in-waiting Junichiro Koizumi is set to appoint his cabinet ministers on Thursday. The new line-up is seen as providing a clue as to how much Koizumi will be able to proceed with the structural reforms he has pledged.

Strong China shares

In Hong Kong, shares moved in and out of negative territory all day, supported initially by strength in China shares.

The Hang Seng Index was 0.4 percent higher at 13,328.28 at midday, but eventually closed fractionally in the red, down 25.06 points at 13,249.55.

Shares of China's dominant cellular carrier, China Mobile, rose 2.44 percent to HK$37.80. But the biggest percentage gainer was computer maker Legend Holdings which climbed 3.42 percent to HK$6.05.

The broader market, however, suffered from Nasdaq'sa two percent drop overnight. Shares in conglomerate Hutchison Whampoa were down more than 1 percent to HK$84.75.

Financials lift market

In Seoul, shares ended on a high on Wednesday as banks and brokerage titles sparked interest from local investors.

The Korea Composite Stock Price Index advanced 1.93 percent to close at 566.34. The Kosdaq over-the-counter market closed up 1.65 percent at 76.97.

Top computer memory chipmaker Samsung Electronics added 2.73 percent to 226,000 won and steel giant POSCO gained 2.96 percent to 94,000 won.

Telecom stocks also ignored bleak earnings of some U.S. technology issues on expectation of firmer trade on Wall Street ahead.

Mobile giant SK Telecom advanced 1.83 percent to 222,000 won and state-run fixed-line and Internet service operator Korea Telecom climbed 3.63 percent to 60,000 won.

In Taiwan, however, shares finished lower for the second straight session as investors scrambled to sell technology stocks following Nasdaq's overnight fall. The main TAIEX index ended down 1.31 percent at 5,516.20.

Australian and New Zealand were closed for the Anzac Day holiday.

Reuters contributed to this report.

Note: Pages will open in a new browser window

External sites are not endorsed by CNN Interactive.