Chinese stocks closed higher on Thursday following an upgrade on the country's equities and US President Donald Trump's change in tone against Beijing.
The Shanghai Composite Index, the main gauge of Chinese stocks, inched up 0.4% or by 13.05 points to 3,516.83. The Shenzhen Component Index gained 1.4% or 152.81 points to 10,873.62.
Citigroup upgraded Chinese equities due to better earnings and structural growth trends, Reuters reported Thursday.
Government policies and improved consumer spending also helped with the upgrade to overweight from neutral, AInvest reported separately.
Meanwhile, US President Donald Trump is looking to snag a summit with Chinese counterpart Xi Jinping and sign a trade deal with Beijing, Bloomberg News reported separately the same day, citing people familiar with internal deliberations.
Trump has toned down his rhetoric against China, cutting purchase deals, the report said.
Meanwhile, the CSI All-Share Automobiles Index grew 1.7% higher after government officials vowed a crackdown on "irrational competition" in the electric vehicle sector, Reuters reported separately.
In corporate news, AVIC Xi'an Aircraft (SHE:000768) Chairman Wu Zhipeng stepped down. Shares closed 6% higher.
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