SINGAPORE —Stocks in Asia-Pacific were mixed in Wednesday trade, with tech shares in the region mostly struggling.

In Japan, the Nikkei 225 rose 1.17% in morning trade while the Topix index also gained 1.03%. South Korea’s Kospi added 0.75%.

Shares in Australia rose, with the S&P/ASX 200 up 1.43%.

Mainland Chinese stocks, on the other hand, dipped in early trade. The Shanghai composite shed 0.13% while the Shenzhen component declined 0.302%. Hong Kong’s Hang Seng index declined 0.18%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.23% higher.

Tech shares in the region mostly slipped after their counterparts on Wall Street saw declines overnight.

Hong Kong-listed shares of Chinese tech giants Alibaba and Tencent dropped 6.46% and 3.53%, respectively. That came after China’s State Administration for Market Regulation on Tuesday announced a set of draft guidelines aimed at curbing monopolistic behavior on internet platforms. The broader Hang Seng Tech index fell 2.36%.

Elsewhere in Japan, shares of conglomerate Softbank Group slipped 1.51%. Over in South Korea, tech company Kakao saw its stock gain 0.14%.

Investor focus likely remained on the coronavirus situation, following a positive announcement on Monday by Pfizer and BioNTech regarding a potential vaccine. Still, the number of cases globally continued to rise rapidly.

“A rotation theme remains evident in equity markets,” Rodrigo Catril, a currency strategist at National Australia Bank, wrote in a note. The recent vaccine development from Pfizer and BioNTech has “triggered a reassessment of the outlook for next year,” he said.

“Big tech which has benefited from our virus driven change in behaviour (working from home a primary example) is now falling out of favour while small cap stocks and those that have been most affected by social distancing restrictions have outperformed,” Catril said.

Overnight on Wall Street, the Dow Jones Industrial Average rose 262.95 points to close at 29,420.92. The S&P 500 and Nasdaq Composite, on the other hand, saw losses on the day.  The S&P 500 slipped 0.1% to 3,545.53 while the Nasdaq slid 1.4% to 11,553.86.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.691 after rising from levels below 92.4 earlier this week.

The Japanese yen traded at 105.02 per dollar, still off levels below 104.3 against the greenback seen earlier in the week. The Australian dollar changed hands at $0.7284, higher than levels below $0.72 seen last week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.5% to $43.83 per barrel. U.S. crude futures added 0.7% to $41.65 per barrel.