SHANGHAI, Jan 12 — China’s stock markets climbed to multi-year highs on Monday, led by gains in artificial intelligence and commercial space shares, as investors welcomed a strong start to the year for onshore markets, while Hong Kong equities also advanced.
By the lunch break, China’s blue-chip CSI300 Index had risen 0.4 per cent, while the Shanghai Composite Index gained 0.8 per cent to its highest level since July 2015, extending last week’s 3.8 per cent rally — its best weekly performance in 14 months.
Hong Kong’s benchmark Hang Seng Index was up 0.9 per cent.
According to Reuters, shares in China’s commercial space sector extended gains, with China Spacesat hitting the daily 10 per cent limit to a record high after filings showed China had applied for frequency and orbital resources for 203,000 satellites across 14 constellations late last year.
The CSI Cloud Computing and Big Data Index jumped 6.8 per cent, while AI-related shares rose nearly 4 per cent, with Hong Kong-listed Chinese technology majors gaining 2.1 per cent.
Reuters also reported that the CSI Rare Earth Index climbed 3 per cent after a senior US official said Treasury Secretary Scott Bessent would urge Group of Seven countries to reduce reliance on critical minerals from China.
Meanwhile, the CSI Defence Index rose 5 per cent to near a four-year high, while auto stocks were largely flat after an industry association said China’s car sales are expected to remain flat this year, extending a broader downtrend. — Reuters
