SHANGHAI: Mainland China and Hong Kong stocks snapped a two-day slide on Wednesday, led by gains in artificial intelligence shares, while investors assessed delayed US economic data for clues on the Federal Reserve’s policy path next year.
The benchmark Shanghai Composite index ended 1.19 percent higher, after posting its lowest close in two months a day earlier. The blue-chip CSI300 index jumped 1.83 percent.
MetaX Integrated Circuits shares spiked 700 percent in their market debut, as investors sought to benefit from a government push to reduce reliance on AI chips from US majors Nvidia and Advanced Micro Devices.
The CSI artificial intelligence sub-index leapt 3.62 percent.
In Hong Kong, the benchmark Hang Seng Index gained 0.92 percent, while the city’s tech index advanced 1.03 percent.
US job growth rebounded more than expected in November after government-related spending cuts triggered the biggest drop in nonfarm payrolls in nearly five years in October.
The data suggested no material deterioration in labour market conditions as businesses navigate economic uncertainty wrought by President Donald Trump’s aggressive trade policy.
“That said, the report was mixed and not dramatically weak enough to add to rate-cut expectations,” said Christopher Wong, FX strategist at OCBC.
China Vanke sought to extend the grace period for a 2 billion yuan (USD283.93 million) bond payment to 30 trading days, from the current five, a filing showed on Tuesday.
On trade front, China has lived up to every part of trade negotiations so far, US Treasury Secretary Scott Bessent told Fox Business Network, adding that the Trump administration would like to see China rebalance on trade.
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