Traders work at the New York Stock Exchange in New York, the United States, Aug. 2, 2019. Photo: Xinhua

Chinese stocks regained their upward trend on Wednesday and reversed Tuesday's across-the-board stampede as investors seemed to have digested the news of the coronavirus outbreak. 

The Shanghai Composite Index edged up 0.28 percent while the Shenzhen Component Index saw more significant gains of 1.08 percent. The trading volume at the two bourses stood at a brisk 710 billion yuan ($102.82 billion). 

Stocks of influenza treatment and face mask makers remained hot during early morning trading but the focus shifted toward Tesla and new-energy vehicle shares around midday. Chip makers and wireless headphone makers led the market rally in the afternoon. 

As cases of the novel coronavirus pneumonia have been reported as far north as Liaoning Province and as far south as the tropical resort island of Hainan Province, market regulators in at least six municipalities and provinces have vowed to crack down on speculations and the hoarding of consumer goods. Mask prices have surged by 400 percent at some retailers. 

Experts from the World Health Organization are now on the ground in Wuhan, Central China's Hubei Province, the key epidemic-control zone.

Global investment banks have also weighed in, with Goldman Sachs predicting the epidemic may cause global oil prices to drop by nearly $3 per barrel. Demand is set to fall by 260,000 barrels in 2020, with shrinking jet fuel demand accounting for two-thirds of the decline.

More companies in the pharmaceutical sector have announced news related to the coronavirus outbreak.

Chinese genome sequencing company BGI Genomics Co has said it has developed a new nucleic acid testing kit which can help contain the spread of the epidemic. However, the company's shares dropped 4.91 percent at market's close on Wednesday.

Shares of face-mask firms Jiangsu Jiangnan High Polymer Fiber and Zhende Medical shed earlier gains after approaching their daily limits of 10 percent during intraday trading.

Elsewhere in Asia, Hong Kong stocks closed up 1.27 percent, while Nikkei was up 0.71 percent.