Mumbai, June 3 -- Chinese markets continued their upward momentum on Wednesday, with the Shanghai Composite rising 0.22% to close at 4,083 and the Shenzhen Component gaining 0.73% to 15,705. Semiconductor and technology stocks led the rally, with notable gains from Cambricon Technologies (6.01%), Zhongji Innolight (6.98%), Eoptolink Technology (4.72%), SMIC (1.15%), and NAURA Technology (2.0%).

Investors showed confidence in AI-related shares despite concerns about high valuations, encouraged by expectations of strong earnings growth. On the economic front, a private survey revealed that China's Composite PMI climbed to a three-month high of 54.0 in May. The services PMI was the main driver, rising to 54.4, also a three-month peak.

Howe...