FX.co ★ China Stocks Climb to Begin the Year

The Shanghai Composite rose by 0.9% to surpass the 4,000 mark, while the Shenzhen Component climbed 1.8% to reach 13,760 on Monday. Both indices touched multi-week highs as Chinese markets resumed trading post the extended holiday period. The technology sector spearheaded the day's gains, building on last year's momentum in companies associated with artificial intelligence. Among the top performers were Zhejiang Sanhua, which rose by 3.2%, BlueFocus Intelligent with an increase of 5.7%, Leo Group up by 9%, Zhongji Innolight gaining 1.7%, and Giga Device Semiconductor soaring 10%. Additionally, clean energy and defense stocks exhibited robust performances, with Goldwin Science Technology increasing by 9.2% and China Satellite Communications by 4.8%. A private survey indicated that China's business activity continued its expansion for the seventh consecutive month in December, buoyed by stronger service sector performance and a renewed rise in manufacturing output. Meanwhile, investors largely dismissed geopolitical tensions following the United States' offensive in Venezuela, which resulted in the detention of President Nicolas Maduro.