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Techs lead South Korea's recovery

Samsung led the recovery on South Korea's share market Wednesday.

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SYDNEY, Australia -- South Korea's share market rebounded Wednesday from losses the previous day, with the Kospi up more than 3 percent to a record high, on strong gains for tech issues such as Samsung Electronics.

Hynix Semiconductor, which plunged more than 8 percent on Tuesday, recovered some ground with a rise of 3.26 percent. Samsung rose 2.88 percent to finish at 607,000 won.

The Kospi, which had dropped 1.92 percent on Tuesday, closed 3.01 percent ahead to 1282.02, just eclipsing the previous record high of 1281.18 set last Friday.

Along with Samsung and Hynix, there were solid gains for SK Telecom, Kookmin Bank and Hyundai Motor.

In Japan, the Tokyo Stock Exchange was closed for the Labor Thanksgiving Day national holiday. It will reopen Thursday. On Tuesday, Tokyo's Nikkei 225 share average finished up 0.19 percent to 14,708.32, its highest close since December 14, 2000.

In Australia, the S&P/ASX200 ended virtually flat Wednesday, down 0.14 percent to 4616.16 on falls for Telstra and big miners BHP Billiton and Rio Tinto. Leading bank NAB rose almost half a percent.

Taiwan's Taiex put on just over 1 percent to close at 6123.52, with gains of around 3 percent each for chip foundries TSMC and UMC.

Hong Kong and Singapore are both firmer heading towards the close, with the Hang Seng up 1.2 percent and the Straits Times index about 0.8 percent ahead.

The dollar extended its decline in Asian trading, trading at 118.55 yen, down from 118.73. That came after minutes from the U.S. Federal Reserve's Nov. 1 meeting indicated that the Fed could be close to ending its policy-tightening cycle.

Oil prices rose to a two-week high. NYMEX crude for January delivery reached $59.15 in Asia following a 2 percent rise in U.S. trade on expectations that demand would rise.

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