04.02.202607:41:02UTC+00China Stocks Gain for Second Session

Mainland Chinese equities experienced gains for the second consecutive session on Wednesday, bolstered by significant performances in clean energy, consumer, and defense sectors, which helped counterbalance ongoing challenges in the technology sector. The Shanghai Composite index increased by 0.85%, closing at 4,102, while the Shenzhen Component index rose by 0.21% to reach 14,156. Leading the upward momentum were companies such as Contemporary Amperex, which surged 4.9%, Sungrow Power up by 1.6%, Goldwind Science rising by 0.4%, Kweichow Moutai advancing 3.4%, and China Spacesat gaining 3.3%. In contrast, the tech sector continued to struggle due to worldwide concerns that disruptions driven by artificial intelligence could potentially jeopardize traditional software business models. Key decliners in this sector included Zhongji Innolight, down 5%, Eoptolink Technology, which dropped 7%, Shenzhen Sunway, which decreased by 11.9%, BlueFocus Intelligent, falling by 8%, and Leo Group, down by 9%. On the macroeconomic front, a private survey revealed that China's services sector growth accelerated in January, reaching a three-month high, buoyed by an increase in new orders and robust foreign demand.