Shanghai Composite up 0.48% at 2,977 points (Il Sole 24 Ore Radiocor) - Shanghai , 18 Jul - Chinese shares erased earlier losses and close flat to slightly higher amid weak Asian markets.

Lingering concerns about further US restrictions on chip sales to China kept sentiment in check after Bloomberg reported that the US is considering slapping stricter trade restrictions on companies supplying chip technology to the country.

Increased speculation over a second term for Donald Trump also weighed on Chinese stocks. In his first presidential term from 2017 to 2021, Trump had slapped steep tariffs on China, fuelling a prolonged trade war between the world's two major economies. Expectations of supportive policy announcements after China's Third Plenum helped support investor sentiment, capping the losses in mainland dealings.

The closely monitored policy meeting is a major gathering of the top members of the ruling Communist Party of China that typically happens only once every five years.

The markets hoped for more stimulus measures from Beijing after data showed on Monday that China's gross domestic product grew less than expected in the second quarter as weak consumer spending and demand weighed.

The Shanghai Composite closed up 0.48% at 2,977 points, while the Shenzhen CSI 300 rose 0.55% to 3,520 points.

AAA-Ver

(RADIOCOR) 18-07-24 11:30:50 (0298) 5 NNNN