China Stocks Climb on Tech Boost
China's stock indices rose, with the Shanghai Composite up 0.6% and the Shenzhen Component gaining 1.2%, driven by tech stocks and AI investments. Alibaba's strong revenue report and AI infrastructure investment boosted sentiment. Notable stock gains included Zhongji Innolight, Eoptolink Technology, Foxconn Industrial, Sai MicroElectronics, and Cambricon Technologies. Investors anticipate policy signals from China's Central Economic Work Conference in December.
The Shanghai Composite rose 0.6% to above 3880, while the Shenzhen Component gained 1.2% to 13060 on Thursday, with mainland shares hitting one-week highs amid a sharp rebound in technology names.
Sentiment improved after Alibaba reported stronger-than-expected revenue and pledged to invest aggressively in AI infrastructure.
Chinese equities also tracked a strong lead from Wall Street as markets price in a deeper US Federal Reserve rate-cutting path.
Tech and AI-linked stocks led the move higher, with notable gains from Zhongji Innolight (2.1%), Eoptolink Technology (7.9%), Foxconn Industrial (7.1%), Sai MicroElectronics (20%) and Cambricon Technologies (4.5%).
Investors also looked forward to China’s Central Economic Work Conference in December for fresh policy signals for the year ahead.
