06.01.202602:47:23UTC+00China Stocks Hit Fresh Multi-Year Highs

On Tuesday, Chinese stocks experienced an upward trend, with the Shanghai Composite climbing 0.8% to exceed ten-year highs, surpassing the 4,050 mark. Similarly, the Shenzhen Component increased by 0.5%, reaching almost four-year highs at around 13,900. Investors seemed largely undisturbed by geopolitical tensions stemming from the U.S. engagement with Venezuela, instead directing their focus towards booming sectors like technology and artificial intelligence. Among the top-performing tech stocks were East Money Information, which rose by 4.5%, Leo Group, which gained 6.5%, and Giga Device Semiconductor, which saw a 1% increase. The aerospace sector also saw gains, with China Spacesat increasing by 1.9% and China Satellite Communications soaring by 9.3%. Meanwhile, China urged the U.S. to address the Venezuela issue through diplomatic means and stressed that Chinese investments in Venezuela would be safeguarded under legal frameworks.