Australian shares climbed 0.9 percent, breaking past the 5,000 resistance level on strong corporate earnings and receding global economic worries
Australian shares rallied 0.9 percent, breaking the 5,000 resistance level, led by the Commonwealth Bank of Australia, as investor sentiment was bolstered by a strong earnings season so far.
The S&P/ASX 200 index ended 44.7 points higher to 5,003.7 points. The market has not broken above the 5,000 psychological barrier in almost three years.
Leighton Holdings, Australia's largest construction company, surged 11.2 percent after it reported a smaller-than-expected 3 percent fall in second-half net profit and forecasted a stronger 2013.
The Commonwealth Bank of Australia soared 2.4 percent to an all-time high of A$67.00 after posting record first half earnings of A$3.7 billion.
Amid earnings misses, Ansell slumped 6 percent after it reported a drop in first-half net profit to A$55 million from A$64 million last year.
New Zealand's benchmark NZX 50 index finished flat at 4,221.3 points.
In Southeast Asia, Singapore's Straits Times Index closed up 0.9 percent while Malaysia's KLCI Composite Index ended 0.45 percent higher.
India's BSE Index finished up 0.3 percent and the 50-share NSE Index closed up 0.2 percent.