China Stocks See Gains Amid Sino-U.S. Tech Tensions

On Friday, China’s stock market experienced an upward trend as new tensions between China and the U.S. in the technology sector invigorated interest in local chip manufacturers’ shares. Concurrently, banking stocks climbed after China’s decision to maintain benchmark lending rates.

In Hong Kong, the Hang Seng index edged higher, although casino stocks took a hit following Chinese President Xi Jinping’s call for Macau to reduce its dependency on gambling through innovation. The tech sector outperformed, largely driven by a report that the U.S. Department of Commerce is scrutinizing Nvidia’s sales in China over the past year.

Despite these gains, energy shares dwindled following Sinopec’s projection of peak oil consumption by 2027. As trading remained vigorous, particularly in smaller stocks, China’s broader market outlook continues to capture investors’ attention.

(With inputs from agencies.)