- Hong Kong's Hang Seng index closed 1.54% higher on Wednesday. That followed a more than 8% decline over two days earlier this week triggered by regulatory fears over sectors such as technology and private education.
- Chinese tech stocks in Hong Kong, among the hardest hit in the recent sell-off, rose on Wednesday.
- Mitsubishi Motors' stock in Japan surged 8.42% on Wednesday after the automaker upgraded its operating profit forecast by 33.3% for the fiscal year ending March 31, 2022.
SINGAPORE — Shares in Asia-Pacific were mostly lower on Wednesday, with stocks in Hong Kong seeing a partial bounce back from a two-day rout.
The Hang Seng index in Hong Kong closed 1.54% higher at 25,473.88. That followed a more than 8% decline over two days earlier this week triggered by regulatory fears over sectors such as technology and private education.
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Analysts at Bespoke Investment Group pointed out that there had only been one other period in 2011 when the Hang Seng declined more than 7.5% for two days. Since then, they wrote: "There hasn't been a single two-day decline since the Financial Crisis that has exceeded the magnitude of the last two days."
Chinese tech stocks in Hong Kong, among the hardest hit in the recent sell-off, rose on Wednesday.
Electric vehicle maker Xpeng's Hong Kong-listed shares plummeted 7.94%, mirroring losses seen for its U.S.-listed stock overnight.
Stocks of firms in the private education space, another sector hit by regulatory scrutiny, bounced back after heavy losses earlier in the week: New Oriental Education & Technology Group gained 9.71% while Koolearn Technology jumped 9.16%.
South Korea's Kospi closed 0.13% higher at 3,236.86. The S&P/ASX 200 in Australia dipped 0.7% on the day to 7,379.30. Australia's consumer price index rose 0.8% in the June 2021 quarter, according to data released Wednesday by the country's Bureau of Statistics.
In Japan, the Nikkei 225 dropped 1.39% to close at 27,581.66 while the Topix index slipped 0.95% to finish the trading day at 1,919.65.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.26%.
The Covid situation regionally may also have weighed on investor sentiment, with movement restrictions across Australia's Greater Sydney area extended for four weeks on Wednesday.
Elsewhere, South Korea on Wednesday reported its highest-ever daily increase in Covid infections, according to Reuters.
Mitsubishi Motors' stock in Japan surged 8.42% on Wednesday after the automaker upgraded its operating profit forecast by 33.3% for the fiscal year ending March 31, 2022.
Shares of Apple supplier stocks in Asia-Pacific were also watched by investors after the tech giant warned that chip supply constraints could impact iPhones and iPads this quarter.
In Wednesday trade, shares of Murata Manufacturing in Japan fell 0.63% while South Korea's LG Display edged 1.78% higher.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.554 following a recent drop from above 92.7.
The Japanese yen traded at 109.95 per dollar, stronger than levels above 110.4 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7343, above levels below $0.732 seen last week.
Correction: This article was updated to accurately reflect the closing figure for Australia's S&P/ASX 200.