Defensive Gains: China Stocks Rise Amid Tech Volatility
China's stock market closed higher as investors shifted to defensive positioning following a trade deal between Xi Jinping and Donald Trump. The Shanghai Composite climbed, driven by gains in defensive sectors, while tech shares fell. The trade deal and economic indicators continue to influence market sentiment.
China's stock market saw gains on Monday, with investors shifting to a more defensive approach after the recent trade agreement between Chinese President Xi Jinping and U.S. President Donald Trump. This move comes amid anticipated adjustments in U.S. tariffs and Beijing's rare earth export policies.
The Shanghai Composite index rose by 0.6% to close at 3,976.52 points, experiencing fluctuations throughout the trading day, while the CSI300 index added 0.3%. Defensive sectors were the top gainers, with the CSI Energy Index jumping by 3% and the banking sector advancing 1.3%. However, technologies faced setbacks, with a notable decline in the semiconductor and Star50 Indexes.
In Hong Kong, shares remained steady, with the Hang Seng China Enterprises Index increasing 1% alongside the Hang Seng Index. Market sentiment remained cautious, attributed to ongoing trade uncertainties and concerns over economic metrics like factory activity, which showed slower expansion in October.
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