Chinese Stocks Edge Up on US-Iran Peace Talks Worries; Fuen, SJ Semiconductor Shine in Stock Market Debuts
Chinese stocks edged up Tuesday as investors brace for the impact of peace talks between the U.S. and Iran on global energy shocks.The Shanghai Composite Index, the main gauge of Chinese stocks, gained 2.95 points to reach 4,085.08. The Shenzhen Component Index rose 0.1% or by 15.39 points to 14,982.14.The truce between the U.S. and Iran is set to expire on Wednesday, and Pakistan has been preparing for a fresh round of talks between Washington and Tehran even as President Donald Trump doused hopes for an agreement to end the conflict, the Associated Press reported separately Tuesday.Back home, Chinese equities are seen to rise 5% to 10% toward the end of the year with some positive developments shaping up, Reuters reported separately Tuesday, citing analysts at Morgan Stanley.However, volatility remains high, especially with the Middle East conflict, first-quarter earnings, and the anticipation with the meeting of Trump and Chinese counterpart Xi Jinping, Reuters said, citing the analysts.In corporate news, debutant Hangzhou Fuen (SHE:001312) closed 66% higher on its first trading day on the Shenzhen bourse. The Chinese textile product manufacturer's shares opened 98.6% higher earlier in the day.Shanghai-listed SJ Semiconductor (SHA:688820) surged 289% during the closing bell. The semiconductor wafer manufacturer opend 407% higher on Tuesday.