China stocks close at highest level since 2021
The Shanghai Composite index climbed 0.2% to 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed.
China's exports beat forecasts in July with outbound shipments up 7.2% year-on-year, customs data showed, as manufacturers made the most of a tariff truce with the United States.
Markets largely looked past US President Donald Trump's comments on Wednesday that he could announce further tariffs on China similar to the additional 25% duty imposed on imports of Indian goods over its Russian oil purchases, depending on what happens.
Investors remain focused on an August 12 deadline to see if Beijing and Washington will reach a durable tariff agreement.
'The upward trend is still intact,' analysts at Pacific Securities said in a note, adding markets remain optimistic about US-China trade talks while technical indicators continue to show bullish momentum.
Leading onshore gains on Thursday, the rare earth sector rallied 3.2% to near a three-year high. The energy sector added 0.8% and banking index gained 0.4%.
The semiconductor sector gave up initial gains to close largely flat after Trump said the US could levy a 100% tariff on some chip imports.
In Hong Kong, the benchmark Hang Seng Index reversed earlier losses with a 0.7% gain, and the tech index added 0.3%.
Local developers jumped 2.5% as New World Development surged as much as 20% on a report of talks that could potentially take it private.
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