China Shares Rise as Tech Gains Offset Oil Fears; Yuanjie Semiconductor Technology Jumps 6%

MT Newswires Live08-12

Chinese shares rose Wednesday, with gains in the technology sector offsetting investor caution over high oil prices.

The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.3% higher to 3,946.68. The Shenzhen Component Index rose 1.1% to 14,414.43.

Tech stocks led the advance, with the SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, rising 1.6%.

UBS analysts said recent weakness in tech stocks appears priced in, with sentiment starting to stabilize, Reuters reported.

Sentiment was weighed by high oil prices after attacks on commercial vessels in the Middle East dented hopes for a swift reopening of the Strait of Hormuz. Brent crude rose more than 2% Wednesday night to nearly $90 a barrel, Al Jazeera reported.

In company news, Yuanjie Semiconductor Technology (SHA:688498) is raising its 2026 credit facility to 6 billion yuan from 2 billion yuan. Shares of the optical chip maker jumped 6% Wednesday.

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