SHANGHAI: China and Hong Kong stocks closed roughly flat on Monday, as gains in non-ferrous metal and financial shares offset losses in technology names.
China’s blue-chip CSI300 Index ended 0.1 percent higher, while the Shanghai Composite Index lost 0.1 percent. Hong Kong’s benchmark Hang Seng was up 0.1 percent.
Leading the gains onshore were non-ferrous metal shares , up 5.2 percent, while materials stocks traded offshore jumped 3.7 percent, as gold surged to a record high above USD5,000 an ounce, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical uncertainties.
Tech majors traded in Hong Kong were down 1.2 percent, while semiconductor shares listed onshore fell 2.3 percent.
Analysts at AVIC Securities said they expected generalised AI and technology to remain the key growth theme in 2026, but flagged investor concerns that rising capital expenditure could pressure cash flows and that valuations may be nearing bubble territory.
They said market sentiment may stabilise and improve, and under counter-cyclical regulatory support could shift towards a “slow bull” typical of an economy in transition, with indexes seen grinding higher.
Regulatory scrutiny stayed in focus. China’s securities watchdog on Friday fined an individual investor about 1 billion yuan (USD143.77 million) for manipulating shares, and the Shanghai and Shenzhen exchanges this month moved against hundreds of abnormal trading practices and opened probes into several firms over allegedly misleading statements. Analysts said the steps signal an intent to temper the pace of market gains.
Financial shares also firmed, with insurance and bank stocks up 1.9 percent and 0.4 percent, respectively.
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