Asian stock markets settled higher on Wednesday, after Chinese shares extended their rally as insurers led gains.

Japan's benchmark index, Nikkei 225 fell 24.04 points or 0.14 percent to settle at 17,383.58. While China's benchmark index, Shanghai Composite gained 36.75 points or 1.43 percent to close at 2,604.35.

Hong Kong's Hang Seng went up 268.07 points or 1.12 percent to end at 24,111.98. Singapore's Straits Times went up 0.94 points or 0.03 percent to end at 3,345.93.

South Korea's KOSPI went up 0.63 points or 0.03 percent to end at 1,980.84. Taiwan's TAIEX went up 6.15 points or 0.07 percent to end at 9,122.39.