Asian Shares Rise On China Support

(RTTNews) - Asian stocks rose broadly on Wednesday, with positive cues from Wall Street and hopes of more support from Beijing helping underpin investor sentiment.

Gold prices were little changed in Asian trade as the dollar and yields fell despite hawkish comments from Federal Reserve officials.

Oil ticked higher but held in a tight range after industry data showed U.S. crude stocks grew less than expected during the week ended February 2.

China's Shanghai Composite index rallied 1.44 percent to 2,829.70 as policymakers redoubled efforts to crack down on market manipulation and revive the country's wobbling financial markets.

In a notice, the China Securities Regulatory Commission urged companies to step up mergers and acquisitions and restructuring to enhance the value of listed companies. The Bloomberg reported that companies have spent more than $4 billion on buybacks after officials called on them to play their part.

Hong Kong's Hang Seng index slipped 0.34 percent to 16,081.89 after climbing 4 percent in the previous session.

Japanese markets edged down slightly, with tech and machinery stocks leading losses.

The Nikkei average ended 0.11 percent lower at 36,119.92 after a choppy session. The broader Topix index rose 0.42 percent to 2,549.95.

Mitsubishi Corp soared 9.7 percent after the trading house announced a share buyback. Automaker Toyota Motor rallied 4 percent after its earnings upgrade.

Seoul stocks rose sharply to snap a two-day losing streak amid an extended buying streak by foreign investors. The Kospi average jumped 1.30 percent to close at 2,609.58, with tech, battery and auto stocks leading advances.

Samsung SDI, LG Energy Solution, Kia Motors and Hyundai Motor rallied 2-4 percent.

Australian markets eked out modest gains, led by utilities and material stocks. The benchmark S&P ASX 200 rose 0.45 percent to 7,615.80 while the broader All Ordinaries index settled 0.54 percent higher at 7,850.90.

Woodside Energy Group rose half a percent while Santos slumped 5.8 percent after they ended tie-up talks.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index edged up 0.20 percent to 11,952.17.

New Zealand's jobs market remained resilient with just a small uptick in the unemployment rate to 4 percent in the fourth quarter, Stats NZ data revealed.

U.S. stocks eked out modest gains overnight as investors digested the latest batch of earnings and comments from a slew of Fed officials.

The Dow edged up 0.4 percent, the S&P 500 inched up 0.2 percent and the tech-heavy Nasdaq Composite finished marginally higher.

European stocks closed on a firm note Tuesday as new regional data suggested that economic headwinds in Europe may not be as bad as feared.