In Hong Kong, the benchmark Hang Seng Index was down almost 17 points, or 0.07 percent, at 25,935, trimming losses seen at the start of the day when it lost 250 points, or 0.97 percent, to open at 25,701.
The Hang Seng China Enterprises Index was 0.11 percent down at 9,163 while the Hang Seng Tech Index shed 0.56 percent to close at 5,785.
The benchmark Shanghai Composite Index was, after falling nearly 1 percent earlier in the session, up 0.23 percent at 3,969, as was the Shenzhen Component Index in rising 0.37 percent to 13,223.
The combined turnover of these two indexes was 1.87 trillion yuan, down from 1.92 trillion yuan on Tuesday.
Shares related to power grid equipment led the gains, while those related to quantum technology and electronic design automation suffered major losses.
The blue-chip CSI300 index closed 0.19 percent higher, with both it and the Shanghai Composite posting year-to-date percentage gains in the upper teens, driving largely by the same tech and AI fervour that has seen many other global bourses hit multi-year or record highs.
The day’s recovery was led by photovoltaic shares, with a sub-index tracking the industry jumping 4.31 percent. Meanwhile, CSI New Energy index leapt 3.24 percent.
“The lack of a single clear catalyst suggests that investor caution is being driven by a combination of macroeconomic uncertainties, including concerns about growth prospects, ongoing government shutdown negotiations in the US, and heightened scrutiny of capital expenditure in key industries,” said Shier Lee Lim, lead forex and macro strategist for APAC at Convera.
Some traders said sentiment was also aided after Beijing confirmed that China would suspend retaliatory tariffs on US imports following last week’s meeting of their two leaders.
Premier Li Qiang said trade restrictions have created barriers to doing business and that Beijing would work to reform the global economic and trading system and make trade rules fairer, more reasonable and transparent.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.83 percent while Japan’s Nikkei index closed down 2.5 percent.
Separately, market participants will shift their attention to China’s economic data for more clues on the health of the economy.
China’s services activity expanded in October but at its slowest pace in three months, as a decline in overseas orders offset the boost from improved domestic demand, a private survey released on Wednesday showed.
China is due to release trade data on Friday and inflation figures on Sunday. Credit lending and activity indicators are scheduled for next week.
“Any further deterioration in data going forward may trigger policy stimulus,” said analysts at ANZ.
“A reserve requirement ratio cut appears more likely than an interest rate reduction as deflationary pressure seems to have improved recently.” (Reuters/Xinhua)
