Market Fluctuations as China Awaits Lunar New Year
Mainland China stocks remained steady as a communications sector surge counteracted property sector losses. Trade slowed before the Lunar New Year holiday while Hong Kong's Hang Seng Index rose. Chinese leaders emphasized self-reliance in technology, and upcoming economic data could influence markets.
- Country:
- China
Stock markets in mainland China showed little movement on Tuesday as gains in the communications sector balanced out the decline in property shares. Trading is slowing as the market approaches the long Lunar New Year holiday.
At midday, the Shanghai Composite Index fell fractionally by 0.02%, with the CSI300 Index ticking up by the same margin. Media stocks reacted positively to news of ByteDance's AI video model, pushing the CSI media sub-index up by 5.4%, and the film and TV sub-index by 10%.
Property shares, however, took a hit, with the CSI real estate sub-index dropping about 1.61%. Interest in the chemical and semi-cap equipment sectors is rising, buoyed by China’s domestic AI advancements. With President Xi Jinping emphasizing technological self-reliance, future economic data releases, including China's January credit lending figures, could further sway markets.
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