Semiconductor Manufacturing International Corporation (SMIC) shares surged 10.42% during Friday's intraday trading session, outperforming the broader market on the back of positive economic data from China and optimism surrounding the semiconductor industry.
The rally in SMIC's stock price coincided with the release of China's fourth-quarter and full-year 2024 GDP figures, which exceeded market expectations. The Chinese economy expanded by 5.4% in the final quarter of 2024, accelerating from the previous quarter and indicating that the government's stimulus measures are gaining traction.
Additionally, data showed that China's industrial output grew at its fastest pace in nine months, boosted by robust demand for technology and semiconductor products. SMIC, being a leading Chinese chipmaker, benefited from this positive sentiment and the broader rally in the tech and semiconductor sectors.
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