SHANGHAI: China shares closed up on Wednesday, as gains in artificial intelligence (AI)-related firms continued to lift market sentiment, while Hong Kong equities slipped as investors booked profits on some technology stocks.
China’s blue-chip CSI 300 index ended 0.7% higher, while the Shanghai Composite Index gained 0.8%. Hong Kong’s benchmark Hang Seng dipped 0.1%.
Chinese tech stocks and AI-related shares led gains onshore, up 3% and 2.5%, respectively.
Concept stocks related to humanoid robot startup Unitree Robotics surged, with Changsheng Sliding Bearings rising 20%.
The case for buying Chinese stocks, particularly tech shares, is improving, perhaps enough to tempt back long-term investors, investment banks said, noting the emergence of AI startup DeepSeek and a meeting between President Xi Jinping and business leaders in the sector.
The Hang Seng Index has risen 14% year-to-date, while the tech index has soared 27%, positioning the Hong Kong market as one of the best performers this year.
Given the recent surge, selling at the open wouldn’t be unexpected, said Chris Weston, head of research at Pepperstone.
However, sentiment towards China’s asset markets is shifting positively, justifying the rally, with any pullbacks likely to be minor, Weston said.
Hong Kong-listed Alibaba and Baidu shed 1.7% and 2.1%, respectively.
Meanwhile, chip stocks rose, with China’s largest chipmaker SMIC jumping more than 8.3% to a record high and Hua Hong Semiconductor soaring nearly 23%.
Comments
Comments are closed for this article.