HONG KONG: Chinese stocks inched higher in choppy trading on Monday, led by a rally in Apple suppliers and chip shares, as investors digested positive signals from high-level US-China talks.
The Shanghai Composite index closed up 0.2 percent to 3,828.58 after swinging between gains and losses. The blue-chip CSI300 index climbed 0.5 percent.
US President Donald Trump said he and Chinese President Xi Jinping made progress on a TikTok agreement and would meet face-to-face in six weeks in South Korea to discuss trade, illicit drugs and Russia’s war in Ukraine.
“These developments suggest US-China headlines are likely to stay stable or improve over the next few months,” Goldman Sachs said in a note.
Lifting markets higher on Monday, the electronics sector rose 4.3 percent and the info tech sector gained 4.1 percent to a five-year high, as Apple suppliers rallied on news that OpenAI had signed a deal with Luxshare to make a consumer device.
Comments
Comments are closed for this article.