Share

Tencent shares claw back losses

Shangai - Hong Kong shares finished up 1.3% on Tuesday, as a surge in gambling stocks and a rally in Tencent drove the index to its highest close in more than three weeks.

The Hang Seng Index ended at 22,448.54 points, its highest close since March 7. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong gained 0.2%.

Gambling stocks ended the day up sharply as Macau monthly gambling revenue data released just over an hour before the close showed 13% growth in March, at the top end of analyst estimates of 10-13%.

Macau, a special administrative region, which pulls in more from gambling in two months than Las Vegas typically makes in a year, clocked up $4.4bn in revenue in March.

Gambling stock gains were fuelled by funds buying into the sector, pushing companies such as Sands Chin up 9.1% and MGM China Holdings up 5.6%.

Tencent Holdings, China's biggest internet company, gained 3.9%, clawing back some of the 7.8% it lost last week when investors sold off tech shares globally.

China Merchants Holdings (International) was the day's biggest loser on the Hang Seng, falling 4.1% after the company announced plans to sell HK$15.4bn ($2bn) worth of convertible securities to repay debt and fund the construction of ports and related business.

* Fin24 is part of Media24, a subsidiary of Naspers. Naspers has a 34% stake in Tencent.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.29
-0.7%
Rand - Pound
23.87
-1.1%
Rand - Euro
20.58
-1.2%
Rand - Aus dollar
12.38
-1.1%
Rand - Yen
0.12
-1.2%
Platinum
943.50
+0.0%
Palladium
1,034.50
-0.1%
Gold
2,391.84
+0.0%
Silver
28.68
+0.0%
Brent Crude
87.29
+0.2%
Top 40
67,314
+0.2%
All Share
73,364
+0.1%
Resource 10
63,285
-0.0%
Industrial 25
98,701
+0.3%
Financial 15
15,499
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders