| Chinese stocks closed higher on Monday, with the Shanghai Composite up 1.41% to 3,982.7 and the Shenzhen Component rising 2.44% to 14,704.3, reaching their highest levels in over a month, driven by strong technology stock gains.
Top performers included Cambricon Technologies, Zhongji Innolight, Eoptolink Technology, NAURA Technology, SMIC, and Hygon Information Technology. SMIC's second-quarter profit more than tripled from the previous year, while Hygon saw solid growth in revenue, profit, and R&D spending.
Despite this, the broader economic outlook was weak, with recent data showing fixed-asset investment, industrial output, and retail sales below expectations, indicating a slow start to the second half of the year. The NBS noted concerns about weak domestic demand and global uncertainties affecting growth. |