KOSPI was the best performer, gaining 1.4% and coming back in sight of record highs hit earlier this week

Most Asian stocks moved in a tight range on Wednesday amid persistent concerns over the Iran war and its inflationary impact, with focus squarely on an upcoming China-U.S. summit.

South Korean shares outperformed, with the KOSPI rebounding from Tuesday’s losses on renewed strength in chipmaking stocks.

KOSPI was the best performer, gaining 1.4% and coming back in sight of record highs hit earlier this week.

The index had lost some steam amid profit-taking in major chipmaking stocks, especially Samsung Electronics Co Ltd, after reports said that talks to prevent a strike at a major chipmaking plant had fallen through.

South Korean stocks were also pressured by speculation that the government could distribute public dividends from artificial intelligence profits. But officials later clarified that this would not entail a windfall tax on local companies.

Samsung shrugged off early weakness, while rival SK Hynix Inc soared 4% after reports said Nvidia’s Huang will accompany the U.S. president during his China state visit this week.

The report spurred some hopes over more chip sales to China, which could in turn further boost demand for the sector.

Broader Asian stocks mostly moved in a flat-to-low range, as concerns over the Iran war remained largely in play.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved little, as did Hang Seng index, with U.S. President Trump’s Chinese state visit set to begin from later in the day.

Trump is expected to discuss a host of major subjects with Chinese President Xi Jinping, including trade tariffs and AI.

Nikkei 225 and TOPIX indexes added 0.7% and 1.2%, respectively, amid some gains in tech stocks.

Sentiment towards Japan was also aided by data showing the country’s current account surplus surged to a record high in March, as AI-fueled demand and a weak yen benefited the economy.

ASX 200 declined 0.4%, weighed down by a 10% slump in Commonwealth Bank Of Australia after the country’s biggest lender set aside much more cash in provisions for risks linked to the Middle East.