30.10.202602:01:30UTC+00China Stocks Hit Over 1-Year Low

The Shanghai Composite Index fell 1.5% to 3,597 on Friday, while the Shenzhen Component Index lost 2% to close at 10,912, with both gauges hitting their lowest levels in more than a year as a broad technology selloff deepened across Asian markets.

Sentiment toward the tech sector remained weak after Intel Corp. issued a soft outlook, Amazon.com Inc. shares slumped following earnings, and Alphabet Inc. reported disappointing sales alongside elevated spending. Those developments intensified concerns about global semiconductor demand and the profitability of large-scale AI investments.

On the domestic front, Zhongji Innolight tumbled 6.3% despite reporting a 173.7% year-on-year surge in Q3 net profit, while Eoptolink Technology sank 10% even as its earnings rose 61.15%. Other notable decliners included Cambricon Technologies (-3.3%), SMIC (-1%) and Hygon Information Technology (-2.4%).

For the month, both indices are on course for steep losses. Investors are now looking ahead to upcoming PMI releases in the coming days for fresh signals on the health of China’s economy.