SHANGHAI: Chinese shares rebounded on Wednesday, led by gains in artificial intelligence stocks, but the benchmark CSI300 still hovered around four-month lows on concerns over subdued domestic economic data.
China’s CSI AI Index jumped 3.7%, as domestic AI companies moved swiftly to attract users of OpenAI’s technology.
The blue-chip CSI300 index hit a four-month low on Tuesday.
US firm plans to restrict access in China and other countries to its application programming interface (API), a platform that allows developers of other products to integrate its AI models.
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Among broader Asian markets, stocks stuttered in choppy trade, with risk sentiment being capped as hawkish comments from Federal Reserve officials kept near-term US rate cut expectations in check.
Investors are now bracing for Friday’s release of the US personal consumption expenditures (PCE) price index - the Fed’s preferred measure of inflation - with economists expecting annual growth to ease to 2.6% in May, according to a Reuters poll.
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At the close, the Shanghai Composite index was up 0.76% at 2,972.53.
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The CSI300 index was up 0.65%, with its financial sector sub-index higher by 0.27%, the consumer staples sector up 0.01%, the real estate index down 0.64% and the healthcare sub-index up 1.09%.
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At the close of trade, the Hang Seng index was up 17.03 points or 0.09% at 18,089.93. The Hang Seng China Enterprises index rose 0.2% to 6,477.24.
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The sub-index of the Hang Seng tracking energy shares dipped 0.8%, while the IT sector rose 0.4%, the financial sector ended 0.23% lower and the property sector rose 0.4%.
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The smaller Shenzhen index ended up 2.02% and the start-up board ChiNext Composite index was higher by 1.801%.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.21%, while Japan’s Nikkei index closed up 1.26%.
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