Asia stocks mostly declined on Wednesday, yet mainland Chinese stocks were green

Asia stocks mostly declined in the afternoon, but mainland Chinese stocks were in the green zone.

Mainland Chinese stocks shed some earlier gains but were still positive by the close. The Shanghai composite rose 0.37% to close at 3,333.16, while the Shenzhen composite was up 0.84% to 2,251.43. The Shenzhen component jumped 0.89% to 13,657.03.

In Hong Kong, the Hang Seng index declined 0.48% by the afternoon, with losses in tech and property names.

Japan’s Nikkei 225 lost 0.58% to close at 22,751.61, while the Topix edged down 0.49% to 1,572.96. The country’s manufacturing activity contracted for a 13th straight month in July, data showed, according to Reuters.

Over in South Korea, the Kospi erased earlier gains to close flat at 2,228.66. The country’s finance ministry said that stock transaction taxes will be cut gradually to 0.15% by 2023, for Kospi-listed shares, from the current 0.25%, according to Reuters.

Australia’s S&P/ASX 200 lost 1.32% to close at 6,075.10. Australia’s retail sales climbed 2.4% in June as its economy continued to reopen, data showed on Wednesday, according to Reuters. That follows a record 16.9% surge in the previous month.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.17% in the afternoon.