China stocks extend gains as tech rally lifts markets

Chinese equities closed higher on Thursday, with the Shanghai Composite Index rising 0.23% to 4,120 and the Shenzhen Component gaining 1.82% to 16,344. Markets extended the previous session?s gains as technology stocks continued to rally after strong earnings and an upbeat revenue outlook from Micron Technology reinforced confidence in ongoing AI-related demand.

Chinese chipmakers and technology companies led the advance, with notable gains in Cambricon Technologies, Hygon Information Technology, SMIC, Eoptolink Technology, and NAURA Technology.

Meanwhile, the People's Bank of China announced it will launch overnight reverse repo operations on June 29?30 as part of the next stage of its monetary policy framework reforms. The new facility will work alongside the existing seven-day reverse repo rate of 1.4%, which remains the central bank?s key policy benchmark.

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