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Tencent drags down Naspers

Jun 09 2011 10:39 Reuters

Company Data

NASPERS LIMITED [JSE:NPN]

Last traded 1318.00
Change 9.6
% Change 0.01
Cumulative volume 422171
Market cap 549.36bn

Last Updated: 29/07/2014 at 10:11. Prices are delayed by 15 minutes. Source: McGregor BFA

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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.

 
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