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Chinese stocks fell to a one-year low on chip and optical selloff
The CSI 300 slid as much as 2.4% on Monday, with major technology and optical names dropping at least 5%.
Chinese shares fell to a one-year low as technology stocks sold off, with chip and optical companies among the biggest decliners. The onshore benchmark CSI 300 Index dropped as much as 2.4% on Monday.
Declines were led by chipmakers Cambricon Technologies and GigaDevice Semiconductor, along with optical firms Zhongji Innolight and Eoptolink Technology, each down at least 5%.
Investor sentiment weakened after a report that Beijing signaled it may allow local firms to buy Nvidia Corp.’s new semiconductors, raising concerns about additional pressure on domestic chipmakers amid intense competition.
Separately, LiveMint Markets noted a Friday move by four US senators to introduce legislation that would name Innolight and Eoptolink as restricted vendors for government procurement, a development an investment strategist said suggests tech restrictions are progressing on a track separate from diplomacy.