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The CSI 300 Index climbed 0.5 per cent to 4,714.54 at the break, approaching a level not seen since January 2022. The Shanghai Composite Index added 0.4 per cent to 4,000.66, poised to finish above the 4,000-point mark for the first time since 2015.
Hong Kong’s market is shut for a public holiday.
Technology stocks paced the gains, with a sub-gauge of the sector rising 2.2 per cent as the best performer among the CSI 300’s industry groups after China promoted tech self-sufficiency as the key task in a detailed five-year plan outlining the nation’s development through 2030, released on Tuesday evening. Ping An Insurance Group gained 2.3 per cent to 59.07 yuan after third-quarter profit increased 45 per cent from a year earlier on rising investment gains. Telecoms equipment maker ZTE tumbled 7 per cent to 45.95 yuan after posting an 88 per cent slump in quarterly net income.
The latest geopolitical development added fresh positive mood to a rally fuelled by a de-escalation of China-US tensions following a preliminary deal reached between the two nations earlier this week. The agreement covers a wide array of issues including an extension of the deadline for a tariff truce and a deferral of rare earth export tightening, and is subject to review by the state leaders. The CSI 300 Index has risen almost 2 per cent in October, heading for its sixth straight monthly gain.
“The China-US talks are going pretty well, removing the uncertainty of the trade frictions, and that will keep boosting the risk appetite on the market,” said Cheng Qiang, an analyst at Topsperity Securities. “The market is expected to continue the upwards momentum, and tech would be the key theme to trade on.”
