Chinese shares fall as chatbot-related companies lose

Chinese shares fell on Thursday, dragged down by a decline in chatbot-related companies, which had previously risen amid speculative bets, and despite data showing that Chinese exports posted an unexpected rise in March.

The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 0.69%, while the Shanghai index fell 0.27%. Hong Kong’s Hang Seng index rose 0.17%.

Chinese overseas shipments rose 14.8% in March, breaking a five-month decline, while imports fell 1.4% less than expected, customs data showed on Thursday.

However, analysts warned that the improvement partly reflects suppliers’ recovery of order backlogs after last year’s Covid-19 disruptions.

“Strong export growth is unlikely to be sustained given the weak global macro outlook,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

China’s artificial intelligence, communications equipment and semiconductor stocks each fell between 3.7% and 4.4%, putting pressure on the Chinese benchmark index.

The frenzy for OpenAI’s ChatGPT chatbot has boosted the shares of Chinese companies in the technology, media and telecom sectors, while analysts and politicians have repeatedly warned of the risks of bubbles.

. In TOKYO, the Nikkei index advanced 0.26% to 28,156.97 points.

. In HONG KONG, the HANG SENG index rose by 0.17% to 20,344 points.

. In SHANGHAI, the SSEC index lost 0.27% to 3,318 points.

. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell by 0.69% to 4,068 points.

. In SEOUL, the KOSPI index appreciated by 0.43%, to 2,561 points.

. In TAIWAN, the TAIEX index fell 0.80% to 15,804 points.

. In SINGAPORE, the STRAITS TIMES index gained 0.26% to 3,294 points.

. In SYDNEY, the S&P/ASX 200 index fell 0.27% to 7,324 points.

Source: Terra

Rose

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