Meanwhile, stocks in other major Asia-Pacific markets were higher in Wednesday trade.
Shares in Australia dipped, as the S&P/ASX 200 closed fractionally lower at 6,062.10.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.
Oil prices were higher in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 0.55% to $39.93 per barrel. U.S. crude futures also gained 0.42% to $37.82 per barrel.
On the economic data front, Australia’s retail turnover fell 1.1% in September 2020 on a seasonally-adjusted basis, according to the country’s Bureau of Statistics.
Following that data release, the Australian dollar changed hands at $0.7087, after an earlier high of $0.7221.
A private survey also showed China’s service sector activity growing in October, with the Caixin/Markit services Purchasing Managers’ index coming in at 56.8. PMI readings above 50 signify expansion, while those below that indicate contraction. PMI readings are sequential and represent on-month expansion or contraction.
Investor focus on Wednesday was also likely on the U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden. As of Wednesday afternoon Singapore time, no clear winner had emerged in a tight contest between the two.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.884 following an earlier low of 93.092.
The Japanese yen, often seen as a safe-haven currency, traded at 104.94 per dollar after seeing an earlier high of 104.35 against the greenback.
— CNBC’s Arjun Kharpal contributed to this report.
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