China stocks recover late losses; ChiNext reclaims 3,000 points
Chinese mainland stocks pared early losses to close slightly higher on Friday, helped by a late-session rebound in AI-related video and film shares. The ChiNext index reclaimed the 3,000-point level after falling more than 10 months low.
Chinese mainland stocks recovered from early losses to close marginally higher on Friday, as the market staged a late-session rebound. The benchmark Shanghai Composite Index had fallen as much as 1.5 per cent in early trade, breaching the 3,800-point level to touch an intraday low of 3,754 points, before closing at 3,813 points, up 1 point.
The Shenzhen Component Index closed at 12,641 points, up 20 points, or about 0.2 per cent. The ChiNext index, which tracks growth enterprises, had dropped 3.4 per cent at one stage, falling below the 3,000-point mark for the first time in more than 10 months to an intraday low of 2,932 points. It later recovered to close at 3,043 points, up 6 points, or more than 0.2 per cent.
The market's recovery was led by a surge in AI video and film-related stocks, after the mainland's first AI-produced film is scheduled for release this month. Shares in precious metals, food, software, retail and securities also gained. On the downside, wind power, memory chip and CPO (co-packaged optics) stocks came under pressure.
For the week, the Shanghai Composite Index fell more than 0.7 per cent, the Shenzhen Component Index dropped 1.9 per cent, and the ChiNext index lost more than 2.9 per cent. All three indices declined for a third consecutive week.
Trading activity was supported by the late-session buying, with investors positioning for the AI film release and potential policy cues. However, gains were limited as market sentiment remained cautious amid ongoing concerns over global growth and trade tensions.