The Shanghai benchmark advanced to its highest close in more than 3-1/2 years on Wednesday, underpinned by market hopes for an extended trade truce between the United States and China to reach a final deal.
At the close, the Shanghai Composite index was up 0.45% at 3,633.99 points, marking the third straight session of gains, and booking the highest close since December 31, 2021. Meanwhile, the blue-chip CSI300 index was up 0.24%.
Defence and coal shares led gains, rising 2.65% and 2.21%, respectively.
U.S. President Donald Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck.
“We’re getting very close to a deal. We’re getting along with China very well,” Trump said.
Winnie Chwang, portfolio manager at Matthews Asia, said investors would like to see more clarity from Sino-U.S. trade negotiations. “I…
