HONG KONG: Chinese stocks edged up Monday as technology stocks jumped, offsetting losses in banking and insurance shares following Beijing’s capital-injection plan, while broader markets were muted as investors watched developments in China-US relations.
At market close, the Shanghai Composite index was up 0.07 percent at 3,932.70 points, while the blue-chip CSI300 index was up 0.6 percent.
Tech sectors climbed as chip-related firms tracked US peers higher. The ChiNext Composite index was 3.4 percent higher and Shanghai’s tech-focused STAR50 index rose 2.4 percent.
The chip sector rallied 3.4 percent and the CSI 5G Communication Index was up more than 6 percent, with heavyweight Zhongji Innolight jumping by its 10 percent daily limit.
However, the insurance sector declined 2.6 percent and the banking sector lost 1.5 percent, after China’s finance ministry said it will lead a combined USD54 billion in capital injections into state-owned insurers and banks in a coordinated push by Beijing to shore up capital across its financial system.
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