AI-related shares led declines onshore, tracking overnight losses in New York and falls among their Asian peers.
Key takeaways
Chinese blue-chip stocks are poised for a record-breaking 12th consecutive weekly decline, driven by a global selloff in AI-related shares. The CSI300 Index hit a one-year low, while specific tech sectors like 5G communications and optical modules faced significant drops.
- The CSI300 Index is on track for its longest losing streak on record, down 14% over the last 12 weeks.
- AI-related shares declined globally, with SK Hynix falling over 7% and Chinese optical module stocks dropping sharply.
- UBS analysts noted that investors are increasingly viewing AI spending as a permanent earnings burden rather than a temporary cost.
Summarised automatically by AI from the original article by Free Malaysia Today. AI can make mistakes, so check the original for details.
China's blue-chip CSI300 Index dropped 0.4% to a one-year low, while the tech-focused STAR50 index fell 1.8%. (EPA Images pic)SHANGHAI: China's blue-chip shares edged lower on Friday and were headed for a 12th consecutive weekly loss, as a global selloff in AI stocks weighed on sentiment, though Hong Kong-listed internet companies bucked the trend.
China's blue-chip CSI300 Index dropped 0.4% to a one-year low by the lunch break, while the Shanghai Composite Index lost 0.3%. Hong Kong's benchmark Hang Seng was up 1.6%.
The CSI300 Index was down 0.9% for the week and 7.6% for the month, and on track for its biggest monthly loss since July. Over the last 12 weeks, it has lost 14%, the longest losing streak on record.
