Tencent drags down Naspers
Johannesburg - Shares of Naspers [JSE:NPN] are down 2.5%
to R396.49 in early trade, tracking those of Chinese firm Tencent Holdings in
which it holds more than 30%.
Tencent, China’s most valuable internet company and a major
revenue earner for Naspers, is one the biggest drags on Hong Kong’s benchmark
index, shedding 3%.
The stock found chart support at HK$207, the low last month
and a level that had proved a stiff resistance in April. A break below this
level would confirm a “triple-top” pattern in the stock, traders say, that
could pave the way for a slide to around HK$186.
* Fin24 is a Naspers publication.