China's Stock Rebound on Upcoming Vice-Premier Talks With US Reps

MT Newswires Live10-23

China shares rebounded from losses in the early afternoon as sentiment went upbeat over Vice-Premier He Lifeng's upcoming talks with U.S. officials, overshadowing the U.S. mulling potential new export controls on the mainland.

The Shanghai Composite Index added 0.2%, or 8.65 points, to finish Thursday's trade at 3,922.41. The Shenzhen Component Index likewise inched 0.2% higher, or 28.84 points, to 13,025.45.

China's Ministry of Commerce announced that Vice-Premier He will hold talks on issues such as trade in Malaysia from Friday, Oct. 24, to Monday, Oct. 27, according to the South China Morning Post. The talks will be held before U.S. President Donald Trump and Chinese President Xi Jinping meet in South Korea next week.

The announcement came after reports of the U.S. considering imposing new restrictions on software-powered exports to China, according to a Reuters report, citing insiders. The potential restrictions, which are the U.S.'s response to China's rare earth export controls, may include laptops, as well as jet engines.

In corporate news, Han's Laser Technology (SHE:002008) soared 7.7% after its third-quarter attributable net profit jumped 87% from a year earlier to 375.2 million yuan.

Shenzhen H&T Intelligent Control (SHE:002402) rose 3.4% as its third-quarter attributable net profit climbed 58% from a year earlier to 249.2 million yuan.

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