China and HK stocks rebound after two-day slide, AI stocks lead gains

Chinese mainland and Hong Kong stocks snapped a two-day slide on Wednesday, led by gains in artificial intelligence shares, while investors assessed delayed US economic data for clues on the Federal Reserve's policy path next year.

Hong Kong's benchmark Hang Seng Index gained 0.92 percent, or 233 points, to 25,468. Market turnover slipped 9.12 percent from the previous session to HK$183.1 billion. The China Enterprises Index rose 0.98 percent to 8,843, while the Hang Seng Tech Index advanced 1.03 percent to 5,457.

Shares of cryptocurrency exchange HashKey Holdings (3887) rose as much as 6.6 percent in their Hong Kong debut but reversed gains to end 0.15 percent lower.

In Chinese mainland, the benchmark Shanghai Composite index ended 1.19 percent higher, after posting its lowest close in two months a day earlier. The blue-chip CSI300 index jumped 1.83 percent.

The CSI artificial intelligence sub-index leapt 3.62 percent.

Elsewhere in Asia, Japan’s Nikkei index rose 0.26 percent, snapping a two-day losing streak. South Korea’s KOSPI jumped 1.43 percent, while Taiwan shares edged lower, closing down 11 points.

REUTERS and STAFF REPORTER