Mainland China Stocks Rebound Amidst Market Volatility
Mainland China's stocks bounced back after a sharp drop, with the Shanghai Composite and blue-chip CSI300 indices showing gains. Tech stocks, especially semiconductors, led the recovery. Hong Kong shares, however, continued to drop, influenced by losses in Meituan due to increased competition.
- Country:
- China
Mainland China's stocks experienced a rebound on Thursday following a stark decline, as investors weighed the longevity of the current rally. Contrastingly, Hong Kong shares continued their descent.
At midday, the Shanghai Composite index showed a modest 0.07% increase to 3,803.08 points, recovering from its largest drop since April. The blue-chip CSI300 index rose by 0.69%. Notably, semiconductor stocks surged, with the sector's sub-index climbing 4.1%.
In a significant move, GF Fund Management lifted investment restrictions on a tech-focused feeder fund, reversing a previous cap that had jittered the markets. This bolstered China's tech stocks, while Hong Kong's Hang Seng Index declined due to Meituan's profit fall in a competitive environment.
(With inputs from agencies.)
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