Asian stock markets settled higher on Wednesday after a post-U.S. election rally drove the Dow Jones industrial average to a new high.

Japan's benchmark index, Nikkei 225 gained 56.92 points or 0.31 percent to settle at 18,162.94. Singapore's Straits Times went up 17.49 points or 0.62 percent to end at 2,839.69.

South Korea's KOSPI rose 4.48 points or 0.23 percent to end at 1,987.95. Taiwan's TAIEX rose 44.84 points or 0.49 percent to end at 9,178.23.

On the other hand, China's benchmark index, Shanghai Composite fell 7.22 points or 0.22 percent to close at 3,241.14. Hong Kong's Hang Seng lost 1.38 points or 0.01 percent to end at 22,676.69.