China shares climb ahead of Trump-Xi summit; tech stocks inch up
FXI•Tech and AI-related shares gain
The start-up board ChiNext Composite index .CNT was higher by 0.8% and Shanghai's tech-focused STAR50 index .STAR50 was up 0.3%. The CSI AI Index .CSI930713 added 1.1%.
Tech shares gained after US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng concluded talks in New York on Sunday, with the US side proposing a new AI safety notification mechanism ahead of the Trump-Xi summit for Sept. 23-25.
Market expectations for the meeting are tempered, but the main focus is whether the leaders will signal an extension to a trade truce struck last year.
"Overall, we think both sides will seek to maintain relative stability in US-China relations, although a broad bilateral agreement appears unlikely," analysts at Goldman Sachs said in a note.
Hong Kong benchmarks also edge higher
In Hong Kong, the benchmark Hang Seng Index .HSI was up 1.2% at 25,042.71, and the Hang Seng Tech Index .HSTECH was up 0.4%.
Share markets edged higher in Asia on Monday as chipmakers climbed, while oil eased on reports that more oil was finding its way out of the Middle East than previously thought.
Real estate and healthcare lead sector gains
Among other gainers, the real estate sector .CSI000952 surged 6.9% and the defence sector .CSI399959 added 2%.
Healthcare .CSI300HC rose 3.6% after a Reuters report that the US is working on rules for pharmaceutical companies investing in China that would likely preserve their ability to strike most licensing deals for Chinese drugs.
