China Shares Slip as Middle East Conflict Continues; Optowide Technologies Up 5%
Chinese shares closed lower on Wednesday as appetite for equities was dampened by the escalating Middle East conflict.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.1% lower to 3,867.03. The Shenzhen Component Index fell 1.4% to 14,061.44.Concerns about a protracted Middle East conflict and its global market implications rose as the U.S. continued airstrikes in Iran. Escalating conflict, stalled diplomacy, and rising energy prices led the market to shift from equities to safe-haven assets.On the regulatory front, Chinese authorities are looking to implement stricter export controls on artificial intelligence and semiconductor technologies amid intensifying AI rivalry with the U.S. Officials led by the Commerce Ministry have been in talks with local AI and chipmaking groups and companies to prevent the pirating of Chinese technologies and startups.In company news, Optowide Technologies (SHA:688195) forecasted first-half attributable net profit of between 48.0 million yuan and 52.0 million yuan, compared with 36.6 million yuan the previous year. Shares of the precision optics and fiber components manufacturer closed 5% higher Wednesday.
