Shares in Mainland China edged higher on Friday, surpassing the significant 4,000-point threshold, buoyed by a boost in photovoltaic stocks. This uptick stemmed from a Reuters report that automotive giant Tesla is in talks to procure solar equipment from Chinese firms.
At midday, the Shanghai Composite index experienced a minor rise of 0.16%, accompanied by a near 1% increase in the blue-chip CSI300 Index. Notably, photovoltaic shares surged, with the sector’s sub-index climbing by 4.8% following news of Tesla’s sought $2.9 billion worth of solar gear, including contributions from Suzhou Maxwell Technologies.
In a broader financial context, China’s central bank assured readiness to employ its financial tools to maintain market stability amidst escalating geopolitical tensions and energy cost concerns, adding strain to global financial systems.
(With inputs from agencies.)
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