Mainland stocks up as GDP data offsets tech woes

Mainland stocks closed higher on Monday, led by bank shares, as upbeat third-quarter GDP data outweighed weak sentiment around some AI supply chain companies. China's blue-chip CSI300 Index ended 0.1 percent up while the Shanghai Composite Index gained 14 points, or 0.39 percent, at 3,730. The Shenzhen Component was almost 15 points, or 0.13 percent, higher at 11,817 while the ChiNext Index was down 26 points, or 0.94 percent, at 2,746. The gains came as China's economy expanded 4.5 percent year on year in the third quarter, topping forecasts and reducing the urgency for Beijing to step up support to meet its annual growth target. Retail sales for September also accelerated. "Despite the data surprise in September, the performance in the first nine months of 2026 still intensified domestic and global concerns about China's imbalance," ANZ analysts said in a note. "Fiscal support remains crucial as policy constraints limit monetary easing amid balance-sheet recession pressures." Traditional sectors such as banks and liquor led onshore gains, up 1.5 percent and 0.8 percent, respectively. The tech-focused Star50 Index was down 2.2 percent as sentiment around the AI chip supply chain remained weak. Robot maker Unitree's shares surged 16 percent, rebounding from a record low hit last week, while memory...