Chinese shares edge higher as tech leads

Business Recorder, citing Reuters, reported that Chinese stocks moved slightly higher on Wednesday as technology shares rebounded and helped offset worries over geopolitical tensions and upcoming US inflation figures. At the midday break, the Shanghai Composite was up 0.3% at 3,946.51 points, while the blue-chip CSI300 gained 0.7%.

Technology names led the advance, with the ChiNext Composite up 1.7% and the STAR50 climbing 2.1%. The CSI Semiconductor Index added 2.5%, the CSI AI Index rose 1.8%, and the CSI 5G Communications Index gained 3.4%, with Zhongji Innolight up 4.4%. UBS analysts said in a note that sentiment is steadying, since a large share of the earlier pessimism seems already reflected in prices.

Caution persisted as Yemen's Houthis and the US reported separate attacks on shipping, while Tehran said the Strait of Hormuz would stay shut unless Washington accepts its conditions. In Hong Kong, the Hang Seng Index fell 1.2% to 25,352.13, and the Hang Seng Tech Index also lost 1.2%. Chinese ADRs declined 2.9% overnight.