HK stocks rise as Nikkei, Kospi rally from AI selloff

Asian markets were mixed on Wednesday as those related to artificial intelligence found respite after a selloff while any gain was tempered by elevated oil prices and caution ahead of US inflation data later in the day. In Hong Kong, the benchmark Hang Seng Index opened down 62 points, or 0.26 percent, at 24,282 before reversing direction in early trade. The tech index opened down less than a point at 4,135 while the China Enterprises Index slipped opened 12 points lower at 8,161 before heading into positive territory. On the mainland, the Shanghai Composite Index opened down 10 points, or 0.27 percent, at 3,790. The Shenzhen Component Index fell 45 points, or 0.36 percent, to 12,308 while the ChiNext Index was 15 points, or 0.52 percent, lower at 2,943. Among firms on the Asian side of the AI supply chain, chipmakers Samsung Electronics and SK Hynix rose more than 2 percent in South Korea while Kioxia was steady in Japan, recovering some of the previous session's loss. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 percent after US stocks ended the previous session with a mild loss. In Tokyo, the Nikkei rose 0.6 percent to 68,193 by the midday break, while the Kospi in...