The Shangai Composite Index Closes 0.33% Higher

The Shangai Composite Index went up by 14 points or 0.33 percent on Wednesday to close at 4089 points. The rise was led by Shanghai Petrochemical (10.04%), China Coal (4.09%) and Huatai Securities (2.79%). On the downside, the weakerst performers were Greenland Holdings (-4.05%), China Fortune (-3.94%) and China Eastern Airlin (-3.84%).

The Shanghai Composite rose 0.22% to close at 4,083 on Wednesday, while the Shenzhen Component gained 0.73% to 15,705, with both benchmarks extending their previous-session advances as semiconductor and technology stocks continued to underpin market sentiment. Leading the gains were Cambricon Technologies (6.01%), SMIC (1.15%), Zhongji Innolight (6.98%), Eoptolink Technology (4.72%), and NAURA Technology (2.0%). Investors largely brushed aside concerns over elevated valuations in AI-related shares, encouraged by expectations of robust earnings growth. On the economic front, a private survey showed China's Composite PMI climbed to a three-month high of 54.0 in May, mainly supported by the services PMI, which also reached a three-month peak of 54.4. However, the manufacturing PMI fell to 51.8 from April's five-year high of 52.2, highlighting the uneven nature of the country's economic momentum.

The Shangai Composite Index rose 19 points or 0.46 percent on Tuesday to close at 4076 points. Leading the gains are Datang Intl (8.36%), China Molybdenum (6.57%) and Aluminum Corporation of China (4.78%). Top losers were Huaneng (-6.86%), Zhejiang Zheneng (-4.48%) and China International (-3.03%).