Chinese stock markets closed higher on Friday, led by a rebound in technology shares after recent losses. Investors remain positive about the long-term growth potential of artificial intelligence, although concerns over high valuations, rising investment costs and increasing competition continue to weigh on sentiment.
The Shanghai Composite gained 0.37% to close at 4,044, while the Shenzhen Component rose 0.64% to 15,598.
Technology stocks led the gains, with Eoptolink Technology rising 3.34%, Victory Giant Technology adding 0.65% and Shennan Circuit jumping 7.42%. Other strong performers included BYD (+5.86%), CNOOC (+3.51%), Zijin Mining Group (+5.78%) and Luxshare Precision Industry (+5.81%).
Investor sentiment was also supported by economic data showing China's Services PMI eased slightly to 54.1 in June from 54.4 in May but remained above market expectations of 53, indicating continued expansion in the sector.
For the week, the Shanghai Composite advanced 0.41%, while the Shenzhen Component fell 1.17%, extending its weekly decline to a second consecutive week.
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