The Shangai Composite Index Closes 0.98% Lower

The Shangai Composite Index decreased 36 points or 0.98 percent on Thursday to close at 3645 points. The decline was led by China Fortune (-3.48%), Yonyou Soft (-3.32%) and BAIC BluePark (-3.09%). On the upside, the strongest performers were Huayu Automotive (3.89%), China Shenhua Engy (3.79%) and Bank Of Nanjing (3.70%).

The Shanghai Composite fell 0.82% to close at 3,651.4 on Thursday, while the Shenzhen Component slumped 2.92% to 11,138.2, reversing gains from the previous session as quarterly earnings from technology companies failed to offset weakening global sentiment toward the sector. AI chipmaker Moore Threads Technology Co. tumbled as much as 13% despite an almost 1,800% annual surge in sales, while memory chipmaker Biwin Storage Technology Co. dropped 14% even as profit rose more than 500%. The selloff also mirrored broader weakness in global technology shares, as disappointing results from major industry players such as Samsung Electronics and Alphabet reignited concerns over hefty AI spending and lofty valuations. Investors are now looking ahead to earnings from Chinese technology hardware firms, including Zhongji Innolight and Victory Giant Technology. Cambricon Technologies (-4.70%), Zhongji Innolight (-8.53%) and Eoptolink Technology (-11.06%) all declined.

The Shangai Composite Index rose 30 points or 0.81 percent on Wednesday to close at 3678 points. Leading the gains are Jiangsu Hengrui (6.50%), Huaneng (3.35%) and GD Power Development (2.32%). Top losers were Foshan Haitian (-2.96%), Anhui Conch Cement (-2.76%) and Aluminum Corporation of China (-2.63%).