Published on 05/06/2025 at 03:42
(MT Newswires) -- Chinese shares rebounded as markets reopened following a week-long holiday, fueled by growing optimism surrounding potential trade negotiations with the US.
The benchmark Shanghai Composite Index added 1.1%, or 37.08 points, to close Monday's trade at 3,316.11. The Shenzhen Component Index rose 1.8%, or 182.51 points, to 10,082.34.
Investor sentiment received a boost from comments made by US Treasury Secretary Scott Bessent, who indicated the possibility of "substantial progress" in upcoming trade discussions with China, as reported by CBS News.
Bessent's remarks followed an exclusive interview on NBC News where US President Donald Trump expressed his willingness to consider reducing tariffs on Chinese goods "at some point."
Last week, China's commerce ministry announced that it was "evaluating" the prospect of holding discussions with the US regarding the existing tariffs.
The positive news regarding potential trade negotiations overshadowed a recent report indicating a slowdown in China's service sector.
The Caixin China General Services Business Activity Index fell to 50.7 in April, the slowest growth in seven months, from 51.9 in March, according to a survey from S&P Global.
In corporate news, Hunan Huasheng jumped 7.8% at the close of trade after appointing Xie Ping chairman.
Elsewhere, Fulongmaclosed 4.2% higher after winning three sanitation service projects worth 244.6 million yuan in April.
Sumber : MT Newswires
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