China Stocks Hit Over 1-Year Low
The Shanghai Composite fell 1.5% to 3,597 on Friday, while the Shenzhen Component dropped 2% to 10,912, with both benchmarks hitting their lowest levels in more than a year as the technology selloff deepened across Asian markets. Sentiment toward the sector remained subdued following Intel Corp.’s weak outlook, Amazon.com Inc.’s post-earnings slump and Alphabet Inc.’s disappointing sales and elevated spending, fueling concerns over semiconductor demand and the returns on massive AI investments. Domestically, Zhongji Innolight plunged 6.3% despite a 173.7% year-on-year increase in Q3 net profit, while Eoptolink Technology slumped 10% even as earnings rose 61.15%. Cambricon Technologies (-3.3%), SMIC (-1%) and Hygon Information Technology (-2.4%) also lagged. Over the month, both benchmarks are on track for steep losses. Investors await upcoming PMI releases in the coming days for fresh insights into China's economic health.
The Shanghai Composite fell 1.5% to 3,597 on Friday, while the Shenzhen Component dropped 2% to 10,912, with both benchmarks hitting their lowest levels in more than a year as the technology selloff deepened across Asian markets. Sentiment toward the sector remained subdued following Intel Corp.’s weak outlook, Amazon.com Inc.’s post-earnings slump and Alphabet Inc.’s disappointing sales and elevated spending, fueling concerns over semiconductor demand and the returns on massive AI investments. Domestically, Zhongji Innolight plunged 6.3% despite a 173.7% year-on-year increase in Q3 net profit, while Eoptolink Technology slumped 10% even as earnings rose 61.15%.
Cambricon Technologies (-3.3%), SMIC (-1%) and Hygon Information Technology (-2.4%) also lagged. Over the month, both benchmarks are on track for steep losses. Investors await upcoming PMI releases in the coming days for fresh insights into China's economic health.