China's Shanghai Composite Index has broken through the 4,000 mark for the first time in 10 years.
The Shanghai Composite Index, China's benchmark stock index, opened at 3,986.89 on the 28th and climbed to as high as 4,010.73. As of 2 p.m. local time, it was at 3,989.55, off that high. It is the first time the Shanghai Composite has exceeded 4,000 since Aug. 19, 2015, a span of 10 years and two months.
China business outlet Cailianshe said, "Tech stocks led the gains. In particular, Pingtan Development hit the daily upper limit for six straight sessions, and strength continued in Nuclear Fusion Power and industrial artificial intelligence (AI)."
The Shanghai Composite fell to 3,096.58 on April 7 this year as uncertainty grew amid the U.S.-China tariff war. Since then, as the two countries have held multiple trade talks, deferred the imposition of high tariffs, and China has rolled out successive policies to support domestic industries, the index has been on the rise. In particular, expectations are building with the two leaders set to meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju on the 30th.