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Asian shares mostly rise after upbeat China data

Equity markets in Shanghai and Sydney underperformed the region on Wednesday, while other bourses in the region bounced off their intra-day lows after a gauge of China's service sector lifted sentiment.

Overnight, U.S. stocks chalked up a three-session losing streak as investors worried about an eventual hike in U.S. interest rates, while Apple's shares hit their lowest in over six months. The blue-chip Dow shed 0.3 percent, while the S&P 500 and Nasdaq Composite slipped 0.2 percent each.

Symbol
Name
Price
 
Change
%Change
NIKKEI
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HSI
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ASX 200
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SHANGHAI
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KOSPI
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CNBC 100
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Shanghai Comp falls 1.6%

China's Shanghai Composite index closed down amid a broad-based selloff, even as data showed activity in China's services sector expanded to its fastest pace in 11 months in July.

The Caixin/Markit Purchasing Managers' Index (PMI) rose to 53.8 from June's reading of 51.8, hitting the highest level since August 2014 and marking the 12th straight month of expansion.

Property developers, brokerage houses and banking heavyweights were among the laggards; Shanghai Shimao and Poly Real Estate plunged more than 3 percent each, while Citic Securities and Haitong Securities shaved off 3.4 and 3.3 percent, respectively.

In the previous session, the Shanghai bourse more than doubled gains in late-hour trading to chalk up the bourse's biggest daily gain since July 10, encouraged by news that authorities have stepped up their crackdown on short-selling of shares.

Read MoreRelax, China's choppy markets are just growing pain

Hang Seng gains 0.3%

Hong Kong's Hang Seng index reversed a negative open to edge up late Wednesday.

The focus was on Standard Chartered, which will unveil first-half results later in the day. Shares of the lender pared losses to finish flat.

Nikkei bounces 0.5%

Japan's Nikkei 225 index reversed course to edge up, as gains in the construction sector and some heavyweight components helped to offset the sharp plunge in Fast Retailing.

The stock receded 4.7 percent, after posting a second straight month of decline for sales at its Uniqlo clothing outlets in Japan. Same-store sales fell 1.5 percent in July from a year earlier, following an 11.7 percent slide in June.

Blue chip Toyota Motor sagged 2.4 percent despite topping market estimates to deliver the company's third straight year of record first-quarter net profit late Tuesday.

Fortunately, Softbank and Fanuc tacked on 2.7 and 4.1 percent, respectively, while construction firms such as Kajima and Shimizu surged 6.8 and 4.2 percent, respectively, on the back of upbeat earnings.

ASX sags 0.4%

Australia's S&P ASX 200 index headed south amid losses in the financial and energy sectors.

Westpac and Commonwealth Bank of Australia fell 0.8 percent each, while National Australia Bank and Australia and New Zealand Banking dropped 0.6 percent each.

Despite energy prices recovering in early Asian trade, oil-related counters remained downbeat. Woodside Petroleum reversed a brief positive start to slip 0.4 percent, while Santos and Oil Search eased 1 and 2.4 percent, respectively.

Bucking the downtrend, Fortescue Metals surged 6.2 percent on news that China's state-owned companies have approached the iron ore producer to buy a stake in its infrastructure assets.

Kospi flat

South Korea's Kospi index was directionless on Wednesday, as blue chips came under pressure.

Samsung Electronics tumbled 2 percent, while Posco and KB Financial Group tanked 2.5 and 1.9 percent, respectively.

Retailer Shinsegae outperformed the bourse with a rise of 7.1 percent, while automakers also provided some support. Hyundai Motor and Kia Motors closed up 1 percent each.

Southeast Asia up

Philippine shares lead gains in this part of the region, rising 0.9 percent, while Thailand's SET index held on to gains of 0.4 percent after the Bank of Thailand left its benchmark one-day repurchase rate unchanged at 1.50 percent.

Indonesia's Jakarta Composite more than doubled gains to 1.2 percent after the country's second-quarter gross domestic product (GDP) beat expectations, albeit modestly. The Southeast Asian economy expanded 4.67 percent on-year in the April-June period, slightly weaker than the 4.7 percent in the first three months of the year but topping expectations for growth of 4.61 percent.

Singapore's Straits Times index hovered near the previous day's close, with shares of property developer CapitaLand shedding 0.3 percent despite delivering a 5.8 percent rise in second-quarter profit.

In the currency space, the Singapore dollar lost 0.3 percent of its value against the greenback and was last seen at 1.3850, its lowest level since March 20.

The Malaysian ringgit and the Indonesian rupiah stayed near 17-year lows.