The benchmark Korea Composite Stock Price Index (KOSPI) ended Wednesday at an all-time closing high, led by technology firms including Samsung Electronics and LG Electronics. The KOSPI rose 0.92 percent to 2115.69 points. Samsung Electronics shares rose by 2.9 percent to KRW997,000, a record high, after hitting the key psychological mark of KRW1 million. Analysts said that shares of the world’s No. 1 memory chip maker were bolstered by a strong outlook for memory chip and TV sales in the run up to the Lunar New Year Holiday in early February. Samsung may also be benefiting from recent news that Apple CEO Steve Jobs is taking medical leave from company. Samsung will capitalize on any uncertainties arising from the change in leadership at Apple, analysts told Reuters. LG Electronics, the world’s No. 3 mobile handset maker rose 5.7 percent and LG Display’s shares gained 3.4 percent.

The benchmark Shanghai Composite Index rose 1.8 percent to 2758.10 on Wednesday on leaked statistics that suggest that inflation eased last month in China. Hong Kong television broadcaster Phoenix TV on Wednesday reported on its website that the mainland’s consumer price index rose 4.6 percent in December, down from 5.1 percent in November. China is expected to release its economic data on Thursday. However analysts told Dow Jones Newswires that food prices could continue to rise in the short-term due to cold weather and strong demand before the Chinese New Year holiday in early February. The recent decline in inflation isn’t likely to lower expectations of an interest rate hike. Railway equipment manufacturers, China CNR Corp and CSR Corp each rose by the daily limit of 10 percent after state media reported that Chinese firms may take part in a proposed high-speed rail project in California.

Hong Kong stocks rose to a two-month high on expectations that mainland economic growth will remain intact despite the country’s struggles with inflation. The Hang Seng Index gained 1.1 percent to 24,419.62, its highest close since Nov. 11, 2010. China Construction Bank rose 1.4 percent to HKD7.22, while other Hong Kong-listed mainland banking names posted gains. Aluminum Corp of China rose 3.9 percent to HKD7.80. Li & Fung, a supplier to Wal-Mart Stores, rose 3.2 percent to HKD48.85. Techtronic Industries, which makes Ryobi power tools and Hoover vacuum cleaners, gained 4.9 percent to HKD10.68.