Asian Shares Mostly Higher

Most Asian markets ended higher on Wednesday, with Japanese stocks catching a tailwind from the yen's weakness, while mainland Chinese shares gained on hopes for a relaxation in policy toward the property sector.

The Nikkei Stock Average ended 1.0% higher, at 9554.00, as the U.S. dollar extended its recent gains against the yen to lift Japanese exporters.

China's Shanghai Composite Index rose 0.9% to 2403.59, Hong Kong's Hang Seng Index gained 0.3% to 21549.28 and Taiwan's Taiex added 1% to 8,001.68.

Elsewhere, South Korea's Kospi inched up 0.2% to 2028.65, while Australia's S&P/ASX 200 index ended little changed at 4293.10.

Stocks in Asia had slipped in early trading on doubts over the durability of the latest Greek rescue plan, but recovered as the day progressed.

"It's getting to the point where people are feeling that developments in Europe are becoming largely irrelevant to Asia," said Andrew Sullivan, principal sales trader at Piper Jaffray.

Referring to the early weakness for Asian stocks, Sullivan said the Greek rescue plan announced Tuesday "didn't give people detail or confidence."

An increase in oil prices to a nine-month high weighed on Wall Street overnight, and also contributed to a poor start in the region.

But the high prices lured buyers to the energy sector, with Inpex rising 1.4% in Tokyo, while PetroChina gained 1.4% in Hong Kong and 0.1% in Shanghai. In Sydney, Woodside Petroleum climbed 2.5%, also supported by news that an LNG venture of the company was on track for a start-up in March.

Japanese car makers and other exporters posted gains as the dollar strengthened against the yen.

Toyota Motor climbed 1.8% and Nissan Motor added 2.3%, while Nintendo advanced 3%.

Chinese property firms jumped on mainland bourses as well as in Hong Kong, after a report in the Shanghai Securities Journal that the city will soon ease certain restrictions on home purchases.

"Chinese property firms are doing quite well...probably because they have been quite heavily shorted in the last few days," said Mr. Sullivan.

China Overseas Land & Investment jumped 2.8% and China Resources Land climbed 2.9% in Hong Kong.

In Shanghai, Gemdale climbed 3.9% and Poly Real Estate Group rose 2.7%, while China Vanke gained 3.4% in Shenzhen.

Also on Wednesday, HSBC's China "flash" Purchasing Managers' Index showed a smaller contraction in manufacturing activity in February than in January.

Shares of Alibaba.com shot up 43% in Hong Kong as trading resumed for the first time since Feb. 9, after its parent group confirmed plans to take the company private.

Earnings reports also supported to trading action in Australia, with CSL rising 2.5% after reporting a slight drop in first-half net profit but raising its second-half outlook due to strong demand for its products.

Shares of Seven West Media surged 7.4% after reporting a sharp jump in first-half net profit.

Write to Shri Navaratnam at shri.navaratnam@dowjones.com