Chinese stock markets moved higher on Wednesday, helped by gains in large companies and upbeat earnings. The Shanghai Composite Index rose 0.71% to 4,108, its highest level in over a month, while the Shenzhen Component Index jumped 1.96% to 15,121.
Big names led the rally. BYD gained after posting stronger-than-expected quarterly results, and Contemporary Amperex Technology also climbed. Other major firms like Midea Group and PetroChina saw moderate gains.
However, Foxconn fell sharply even though it reported strong growth in its AI business, showing that investors were not fully convinced.
On the global front, tensions remained in focus as the US stepped up pressure on China over its links with Iran, including new sanctions and warnings to Chinese banks. At the same time, China's leadership repeated its earlier stance of supporting the economy with a proactive fiscal policy and a relatively loose monetary policy, without announcing any new stimulus measures.
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