Asian stock markets showed mixed results on Wednesday, with Chinese technology stocks taking a downturn after a brief rally earlier in the week. The Hang Seng Index dropped 0.25%, closing at 22,920.18, while the Shanghai Composite saw a modest gain of 0.54%, rising to 3,342.55. Japan’s Nikkei 225 slipped 0.40% to 39,112.58, and Australia’s S&P/ASX 200 fell 0.65%, settling at 8,425.90. In contrast, South Korea’s KOSPI surged 1.78% to 2,673.69.
Chinese tech stocks were hit hard on Wednesday. Alibaba’s Hong Kong-listed shares fell by 1.03%, and Baidu saw a significant decline of 2.11%. The latter’s revenue dropped 2% in its fourth-quarter report, intensifying concerns over growing competition in China’s artificial intelligence sector. Tencent, a leading Chinese video game company, dropped 0.97%, while online services firm Meituan fell 1.68%.
This decline in Chinese technology shares came despite positive movement in U.S. stocks. On Tuesday, the S&P 500 edged higher, closing just above its record all-time high set last month. Meanwhile, the Dow Jones Industrial Average gained 10 points, or less than 0.1%, and the Nasdaq Composite rose by 0.1%.
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