Australian shares finished slightly higher on Wednesday, with investors becoming cautious over stocks that have become pricey after the market touched a 5-1/2-year intraday high in the previous session. The S&P/ASX 200 index edged up 0.1 percent or 3.2 points to 5,437.0. The benchmark slipped 0.1 percent on Tuesday, pulling back from intraday gains to levels last seen in June 2008.
A largely upbeat earnings season has seen the market rebounding from a loss of 3 percent in January to add nearly 5 percent so far this month. New Zealand's benchmark NZX 50 index added 0.1 percent to 4,973.2. Early support came from Commonwealth Bank of Australia, the top bank by market capitalisation, which rose 0.4 percent, and a 0.9 percent rise in shares of National Australia Bank.
Big miners lost ground after copper fell for a second day on concern about the impact of slower growth in China and its volatile property sector on metal inventories BHP Billiton Ltd fell 1.2 percent and Rio Tinto Ltd dropped 1.9 percent. Australian shopping mall owner Westfield Group dropped 2.1 percent after its net profit fell 6.7 percent for the year ended December 2013.