China's Stock Market Soars to New Heights with AI and Space Shares Leading the Charge

China's stock market hit a decade-high, driven by gains in artificial intelligence and commercial space shares. The CSI300 and Shanghai Composite indexes showed strong growth, while Hong Kong's Hang Seng also rose. Despite challenges like chipmaking limitations, China's tech sector remains promising.

China's stock market achieved a significant milestone, reaching its highest level in a decade on Monday, driven by the strong performance of shares in artificial intelligence and commercial space sectors. This upward trend brought renewed enthusiasm to onshore markets, with Hong Kong shares also rising.

The CSI300 Index experienced a 0.4% increase by the lunch break, and the Shanghai Composite Index rose 0.8%, its highest since July 2015. This comes after a 3.8% surge the previous week, marking the best weekly performance in fourteen months. Hong Kong's Hang Seng index also increased by 0.9%, showcasing widespread market optimism.

China's commercial space sector shined brightly, with China Spacesat reaching a record high. Concurrently, indices such as the CSI Cloud Computing and Big Data Index saw substantial gains, along with a notable rise in AI shares. Despite these advancements, China still faces hurdles, particularly in advanced chipmaking tools, yet the technological sector continues to narrow the gap with the U.S.

(With inputs from agencies.)