China Shares Open Mixed as Tech Selloff Lingers
Chinese shares opened mixed on Friday as the market digested the tech selloff from the previous session. The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.1% higher to 4,031.34. The Shenzhen Component Index declined 0.1% to 15,480.12. The tech selloff that started with US semiconductor stocks hit Chinese markets on Thursday. What began as a correction to overblown AI hype has broadened into a general risk-off move, with AI-related shares bearing the brunt. Meanwhile, a finance ministry official signaled China's interest in boosting World Bank collaboration on shared challenges, particularly through knowledge-sharing, following news that the Bank intends to wind down new lending to China by 2031, restricting financing to $2 billion through that date.
Chinese shares opened mixed on Friday as the market digested the tech selloff from the previous session.
The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.1% higher to 4,031.34.
The Shenzhen Component Index declined 0.1% to 15,480.12.
The tech selloff that started with US semiconductor stocks hit Chinese markets on Thursday.
What began as a correction to overblown AI hype has broadened into a general risk-off move, with AI-related shares bearing the brunt.
Meanwhile, a finance ministry official signaled China's interest in boosting World Bank collaboration on shared challenges, particularly through knowledge-sharing, following news that the Bank intends to wind down new lending to China by 2031, restricting financing to $2 billion through that date.