Apple Suppliers and Chip Stocks Propel Chinese Markets Amid US-China Optimism
Chinese stocks experienced a modest rise on Monday, buoyed by gains in Apple suppliers and chip shares, following positive signals from US-China dialogues. The Shanghai Composite index closed higher by 0.2%, while the CSI300 rose 0.5%. The electronics and info tech sectors showed significant gains, offset by a weakened banking sector.
On Monday, Chinese stocks saw slight gains as investors reacted positively to encouraging signals from US-China talks. Apple suppliers and chip stocks led the rally, with the Shanghai Composite index inching up 0.2% to close at 3,828.58.
U.S. President Donald Trump announced progress with Chinese President Xi Jinping on a TikTok deal, and both leaders plan to meet in six weeks in South Korea to discuss trade and other global issues. Goldman Sachs noted that US-China relations might stabilize or improve in coming months.
The electronics sector surged by 4.3%, driven by OpenAI's deal with Luxshare, which hit its trading limit, while banking and insurance sectors saw declines. Analysts remain optimistic about market potential with geopolitical risks diminishing.
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