Shanghai Composite up 0.01% at 3,154 points (Il Sole 24 Ore Radiocor) - Shanghai , 10 May - Chinese shares closed little changed, hovering at their highest levels in 2024 as caution prevailed after yesterday's rebound.

Mainland stocks underperformed their Asian peers, with blue chips dropping on geopolitical concerns as renewed US-China travel tensions spooked investors.

According to media reports, Washington was preparing more tariffs against Chinese companies, specifically aimed at electric vehicle makers and other key sectors.

Reports from Bloomberg and Reuters said US president Biden could announce the new tariffs as soon as next week.

Shares of major Chinese electric vehicle makers dipped on the news.

Meanwhile, Citigroup strategists cut Chinese stocks to neutral as they said the recent rebound in stocks has come despite worsening fundamentals.

The Shanghai Composite index closed up 0.01% at 3,154 points, while the Shenzhen CSI 300 closed up 0.05% at 3,666 points.

The Shanghai Composite was up 2.6% in April, while the CSI300 rose 2.5% for the month, both outperforming their regional peers as optimism over corporate earnings and a series of policy support measures to boost investor confidence recently helped lift sentiment.

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(RADIOCOR) 10-05-24 11:27:05 (0282) 5 NNNN