HONG KONG - Asian markets mostly rose on Wednesday, after stellar growth figures from the world’s top economy powered US shares to record highs.

Tokyo led gains, adding 1.24 percent, or 219.09 points, to close at 17,854.23. Seoul put on 0.39 percent, or 7.59 points, to end at 1,946.61.

Australia and Hong Kong both ended slightly higher after thin trading in holiday-shortened sessions.  Sydney rose 0.25 percent, or 13.6 points, to close at 5,394.5 while Hong Kong inched up 0.08 percent, or 17.54 points, to 23,351.23.

But shares on China’s benchmark Shanghai Composite Index fell 1.98 percent, or 60.08 points, to end at 2,972.53, adding to one of its biggest percentage falls of the year on Tuesday.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.85 percent, or 11.78 points, to 1,404.40. Figures showing US gross domestic product grew at 5.0 percent year-on-year in the third quarter — up from the previous estimate of 3.9 percent and well above analyst predictions of 4.3 percent — lit a fire under world equity markets. Wall Street hit fresh records on Tuesday after last week’s “Santa Claus rally,” with the Dow stock index closing above 18,000 for the first time ever and the S&P 500 also setting a new high. The data also supported the dollar, which advanced on renewed hopes the US Federal Reserve will raise interest rates before other leading central banks in mid-2015.

“It was another stellar day for US equities with a much better than expected revised GDP reading triggering the gains,” said Stan Shamu at trading house IG Markets. “The GDP reading also underpinned the greenback as it rallied against the Aussie, euro, yen and sterling.” On Wednesday the greenback bought 120.33 yen, slipping from 120.71 yen in New York but still up from 120.13 yen in Asian trade on Tuesday. The euro was mixed at $1.2178 and 146.60 yen, from $1.2171 and 146.94 yen in US trade. In China, shares continued to slide, giving up gains sparked by a surge of foreign buying that followed a surprise interest-rate cut last month.

Shares had jumped more than 20 percent since Beijing lowered its key rate, rising above the 3,000 mark for the first time in three and a half years. In Hong Kong shares in China-based shopping mall developer Dalian Wanda surged 4.06 percent to HK$48.65 after falling on its first day of trading following a record-breaking IPO.

In Japan shares in struggling Skymark Airlines rose 2.50 percent to 327.0 yen, after diving more than 16 percent on news Airbus was moving closer to filing a lawsuit over a failed $2.2 billion jet order. Sony was up 3.98 percent at 2,568.5 yen after its Hollywood studio said it would screen “The Interview” in some US cinemas on Christmas Day. The launch was originally cancelled following a crippling cyber attack. Oil prices edged lower in thin pre-holiday trade but analysts said losses were curbed by upbeat sentiment over the robust US economic data.  US benchmark West Texas Intermediate for February delivery fell 46 cents to $56.66, while Brent crude for February eased 49 cents to $61.20 in afternoon trade. Gold was at $1,179.80 an ounce, compared with $1,175.75 late Tuesday.

In other markets:

— Taipei rose 0.97 percent, or 88.47 points, to 9,186.18. Taiwan Semiconductor Manufacturing Co. rose 0.36 percent to Tw$138.0, while smartphone maker HTC fell 1.11 percent to Tw$133.5.

— Wellington rose 0.10 percent, or 5.32 points, to 5,557.42 points. Ryman Healthcare added 0.48 percent to NZ$8.45 while Air New Zealand dipped 0.38 percent to NZ$2.59. Financial markets in the Philippines were closed Wednesday for a public holiday. Financial markets in Hong Kong, Australia, Singapore, New Zealand, Malaysia, South Korea, India, the Philippines and Indonesia will be closed Thursday for a public holiday.