SHANGHAI: China stocks rose on Tuesday, with artificial intelligence (AI) firms leading the gains, helped by the AI boom in the United States.
Hong Kong shares slipped as investors awaited further policy signal from Beijing’s upcoming parliamentary meeting.
China stocks snap nine-session winning run
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China’s blue-chip CSI 300 Index gained 0.4% by the lunch break, while the Shanghai Composite Index climbed 0.5%.
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Hong Kong benchmark Hang Seng Index lost 0.4%, and the Hang Seng China Enterprises Index edged up 0.1%.
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The broad Asian shares struggled to advance, with slightly warmer-than-expected Japanese inflation putting investors on guard ahead of price data due in Europe and the US this week.
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Artificial intelligence companies jumped 3.3%, amid helped by the generative artificial intelligence boom in the US as Nvidia hit $2 trillion in market value for the first time after the AI pioneer reported a bullish financial update.
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Shares in communications equipment and automobiles jumped 4% and 3.1%, respectively.
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However, banks and infrastructure builders lost more than 2.5% each.
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In Hong Kong, tech giants jumped 1% but mainland property developers lost 2%.
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China’s blue-chip CSI 300 has rebounded 11.5% from a recent low early this month on authorities’ measures to spur economic growth and boost market confidence.
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Market participants are awaiting authorities’ next policy move as China’s rubber stamp parliament - the National People’s Congress - begins its annual meeting on March 5.
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Key topics to monitor include discussions about the government’s “new model” for the property sector, local government financing and fiscal reforms, as well as other demand-side stimulus such as support to consumption, Goldman Sachs said in a note.
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