Local and mainland financial markets ended higher on Wednesday, as the selloff in AI-linked names tapered and investors shifted into consumer-focused sectors.

Buoyed by ⁠gains in internet platform companies, the Hang Seng index rose 497 points, or almost 2 percent, to end at 25,807, the highest in nearly two months.

Hong Kong-listed internet platform companies ended nearly 3 percent higher, with the Hang ⁠Seng Tech Index extending its monthly gain to 10 percent.

Tencent and Alibaba shares rose 4.3 percent and 1.4 percent respectively.

In Shanghai, the blue-chip CSI300 Index ended 0.7 percent higher, while the Shanghai Composite Index rose 0.4 percent.

The tech-focused STAR50 Index slipped 0.9 percent on the back of a broad AI ⁠hardware selloff in Asia.

South Korean stocks suffered one of their steepest plunges on Wednesday.

The Kospi plunged more than 12 percent at one point before closing 6 percent lower.

SK hynix shares shed almost 20 percent after its bumper quarterly results fell short of lofty investor expectations. Samsung plunged more than 12 percent.

Both halved their losses at the end of the day.

Shares in Tokyo dived about 3 percent as chip firm Kioxia and Tokyo Electron took a beating.

The Nikkei finished the day 1.5 percent lower. (Agencies)


Edited by Edmond Fong