Stocks in Asia were mainly higher, with the exception of mainland China, after a stateside rally saw the Dow Jones Industrial Average and S&P 500 record their best post-midterm elections rally since 1982.

The mainland China markets posted losses for the trading day seeing morning gains. The Shanghai composite fell 0.22 percent to close at about 2,635.63 while the Shenzhen composite slipped 0.477 percent to finish at around 1,333.98.

Hong Kong's Hang Seng index, meanwhile, was largely flat in afternoon trade.

China earlier in the day revealed its October data on imports and exports, which both smashed analyst expectations.

Exports denominated in dollars rose 15.6 percent from a year ago in October, exceeding an expected 11 percent growth economists polled by Reuters had forecast. Dollar-denominated imports, meanwhile, rose 21.4 percent from a year ago, topping an expected 14 percent.

The country's General Administration of Customs said the overall trade surplus was $34.01 billion for October, lower than the $35 billion economists had expected.

China's markets are being closely watched by investors following the U.S. midterm election results — even though experts predicted the outcome would have little impact on the two countries' ongoing trade war.

Looking to other major Asian markets, Japan's Nikkei 225 jumped 1.82 percent to close at 22,486.92 while the Topix index saw gains of 1.74 percent at 1,681.25 by the closing bell. South Korea's Kospi advanced 0.67 percent to close at 2,092.63.

In Australia, the was 0.53 percent higher to close at 5,928.2, with most sectors seeing gains as energy stocks advanced 0.49 percent.

Shares of the largest gas pipeline company Down Under, APA Group, bucked the overall positive trend and fell 9.88 percent after the country's treasurer, Josh Frydenberg, announced his intention on Wednesday to block a takeover bid from Hong Kong's CK Infrastructure.

Frydenberg said in a media release on Wednesday that he had made his decision "on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business."

Following the setback, shares of CK Infrastructure saw losses of 0.26 percent during the afternoon session in Hong Kong.