Chinese tech stocks fell after reaching multi-year highs as AI-driven gains slowed. Traders locked in profits amid economic concerns, with Alibaba and Baidu retreating from their intraday peaks.
Chinese tech stocks reversed their gains on Thursday after hitting multi-year highs, as the momentum from AI-driven investments slowed. Traders capitalized on profits, while renewed concerns about China’s economic challenges weighed on sentiment.
Shares of major internet firms gave up some of their early gains. Alibaba ended the day 2.6% higher after briefly reaching a three-year high. This followed an announcement from Chairman Joe Tsai that the e-commerce giant would collaborate with Apple to integrate AI into iPhones sold in China.
Baidu finished 5.7% higher but had surged as much as 12% earlier in the session. The boost came after the company revealed plans to make its AI chatbot, Ernie Bot, freely available starting April 1.
Mainland Chinese markets also weakened, with the CSI300 Index and the Shanghai Composite Index both slipping by approximately 0.4%, pulling back from their highest levels of the year.
According to analysts at Morgan Stanley, technological advancements alone cannot address China's structural economic imbalances or cyclical deflationary pressures. They noted that during the current policy lull leading up to the National People’s Congress in March, concerns about economic slowdown could limit broad market gains.
Despite the day's losses, Hong Kong’s stock market remains the best performer among major regional markets this year, gaining 8.8%. This growth has been largely driven by a rally in the tech sector, sparked by DeepSeek's advancements and China’s market stabilization efforts last month.
The Kremlin on Monday rejected a 60-day ceasefire idea proposed by Ukrainian President Volodymyr Zelenskyy to...
One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, S...
Here's your AnewZ Daily Brief for 12 October 2026 with the top five natural disasters happening around the world. ...
The explosion at King Khalid International Airport in Riyadh on Saturday afternoon killed at least 12 people and injured a further 309, according to Saudi Arabia’s Civil Aviation Authority. The airport remains closed until further notice.
One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, Saudi authorities reported, a day after a strike claimed by Yemen's Houthis killed 13 people and wounded more than 300.
Yemen's Houthis renewed warning to airlines, airport workers, and travellers against using Saudi airports, saying the warning should be taken seriously and that the kingdom “bore responsibility for failed interceptions”, a day after an attack on Riyadh's international airport that killed 12 people.
The Houthi movement has escalated their attacks on Saudi Arabia, targeting the airport in Riyadh and other cities, killing more than a dozen people.
Ukraine is ready to stop attacks on Russian oil refineries if Moscow also halts strikes on Ukrainian energy infrastructure, President Volodymyr Zelenskyy said on Sunday.
Artificial intelligence investment is helping sustain global growth at around 3 per cent, with Asia poised to reap major benefits. But soaring energy costs, unequal investment and growing pressure on young workers threaten to leave some economies behind.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
In the marshlands of Malluba in southern Azerbaijan, Kamil Mammadov follows a routine that has been passed down through generations. His family has worked with medicinal leeches for centuries, harvesting and breeding a species known as Hirudo orientalis, or the Caucasian medicinal leech.
Baku is hosting the second Azerbaijan International Investment Forum (AIIF 2026) and it’s attracting more interest this year, Azerbaijan’s Deputy Prime Minister told AnewZ. “The agenda is very impressive. More guests, more interest,” he said.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment