China markets slide on tech weakness

Chinas stock markets ended the week on a weak note. On Friday, the Shanghai Composite slipped 0.74% to 4,028, its lowest since mid-April, while the Shenzhen Component dropped 2.21% to 15,315. The fall was led by technology shares, with companies like Zhongji Innolight (-7.81%), Eoptolink Technology (-3.60%), NAURA Technology (-3.77%), Cambricon Technologies (-4.39%), and Hygon Information Technology (-4.10%) among the biggest losers.

Investor mood was dampened by a weaker-than-expected AI outlook from Broadcom, which hurt confidence in the sector. Geopolitical tensions also weighed on sentiment, with reports of Tehran striking Kuwait and US forces operating near the Strait of Hormuz, even as Israel and Lebanon agreed to a ceasefire.

 

For the week, the Shanghai Composite fell 1%, marking its fourth straight weekly loss, while the Shenzhen Component shed 1.67%, its second consecutive weekly decline.

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