Japan's Nikkei 225 average booked a 19% gain in 2009, with shares of high-tech exporters leading a rebound rally on a weaker yen and as economic stimulus measures helped turn around the world economy. The benchmark's yearly climb followed a 42% plunge -- the biggest loss in its 58-year history -- last year when investors saw the global financial crisis take a heavy toll on risky assets including stocks. On the Tokyo stock market's final trading day of the year on Wednesday, the Nikkei 225 ended down 0.9%, dragged lower by bankruptcy worries about Japan Airlines (JAL). Transport Minister Seiji Maehara said cabinet ministers would meet at 6 p.m. (0900 GMT) on Wednesday to discuss JAL. Hitachi advanced 3.7% after Japan's biggest electronics firm by sales said it is considering selling some of its operations as it tries to return to profit. High-tech exporters led gains in the Japanese market in 2009, while banking shares lagged behind, hurt by worries about equity financing as well as the growing fear that JAL might go bankrupt. Market analysts say the big banks have been hit by a combination of concern about JAL and worry that Mizuho and SMFG might be forced into equity fundraisings early next year. Seoul shares reversed earlier losses to end 0.6% higher on the year's last trading day, posting a 50% gain in 2009, but losses in Kumho Asiana Group shares weighed amid deepening fears about the group's financial health. The Maeil Business Newspaper reported on Wednesday that Kumho Asiana Group and its creditors held talks on possible debt restructuring for Kumho Industrial and Kumho Tire. Shares in Kumho Tire and Kumho Industrial both tumbled by daily limit of 15%. Banking issues also retreated on fears of fallout from the Kumho issue. Woori Finance ended down 4.2% and Hana Financial Group declined 1.6%. But exporters gained as investors looked toward their fourth quarter earnings and next year's prospects. Shares in Samsung Electronics rose 1.7% and LG Electronics went up 1.7%. Australian stocks fell 0.2%, snapping a four-day rally that took the leading index to a 10-week high, as energy and metals stocks fell in step with commodities prices. Newcrest Mining, Australia's biggest gold miner, slipped 0.9% and smaller rival Lihir Gold dropped 0.6%. Energy stocks Woodside Petroleum and Santos both shed 0.6%. China's key stock index closed up 1.6% to end at a two-week closing high, led by energy giants riding the global oil price rally, while brightened prospects for China's stock market strengthened typical year-end "window-dressing" buying by institutional investors. Investors focused on Wednesday on economy-sensitive index heavyweights. Asia's top refinery Sinopec closed up 3.1% while China's top oil firm PetroChina added 1.9%. In Hong Kong, the Hang Seng Index trimmed earlier gains to finish down a mere 0.01%. Chinese banks and insurers led the decline on concerns over their exposure to government measures meant to temper asset bubbles. But gains in the utilities sector helped to cap losses on the index. Finally, markets in Southeast Asia traded in opposite directions, with Singapore's STI closing up 0.4% and Malaysia's KLCI finishing 0.3% lower.

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