Artificial intelligence firms lead Chinese shares higher

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.

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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.

U.S. firm plans to restrict access in China and other countries to its application programming interface , a platform that allows developers of other products to integrate its AI models.

Among broader Asian markets, stocks stuttered in choppy trade, with risk sentiment being capped as hawkish comments from Federal Reserve officials kept near-term U.S. rate cut expectations in check.

Investors are now bracing for Friday’s release of the U.S. personal consumption expenditures 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.

** At the close, the Shanghai Composite index was up 0.76% at 2,972.53.

** 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%.

** 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.

** 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%.

** The smaller Shenzhen index ended up 2.02% and the start-up board ChiNext Composite index was higher by 1.801%.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.21%, while Japan’s Nikkei index closed up 1.26%.

This article was generated from an automated news agency feed without modifications to text.