Chinese stocks steady on trade optimism; tech sector records highest gains

China stocks ended higher last Monday brought heavily by technology sector’s gains after Beijing sealed reinforcements for the sector. Such followed after Sino-US negotiators progressed for a diplomatic scheme over trade dispute.

The blue-chip CSI300 index laid flat with 0.8% at 3,926.59 while Shanghai Composite Index ended with 0.9% to 2,980.05.

US and Chinese negotiators are reported to be at the final stage of formulating the trade agreement after telephone interview on Friday with US Trade representative’s office and Chinese Commerce Industry. Both sides clarified that there are still talks to come.

Washington and Beijing are putting efforts to come up with the ‘phase 1’ agreement as disclosed by US President Donald Trump on Oct 11. Trump stated that he is very much willing to sign the said agreement next month at the summit in Chile.

Beijing is putting all necessary reinforcements and support for the country’s tech sector in which it pledged to bring tech self-sufficiency amid the infliction of the Sino-US trade war.

In line, China is about to introduce a law on cryptography as the country looks forward on launching its own cryptocurrency, state media disclosed on Saturday.

The country is doing research about the possible incorporation of blockchain and artificial intelligence in cross-border financing. This too will address issues on risk management and is due to liberalize capital markets, a foreign exchange regulator stated on Sunday.

Across the region, MSCI’s Asia ex-Japan stock index hit 0.43% as Japan’s Nikkei index recorded a 0.3%.

The Yuan closed at 7.0595 per US Dollar at exactly 0715 GMT and is 0.07% firmer than its preceding session of 7.0647.

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