Tencent hits over 5-week high after share buyback; tech stocks jump

East Buy Holding

02/09/2021 04:17

** Shares of Chinese gaming and social media giant Tencent
Holdings Ltd  0700.HK  rise 4.4% to HK$510, their highest since
July 26 and extending gains to a third session
    ** Stock on track for its biggest daily pct gain since Aug.
24; second-biggest pct gainer on both the Hang Seng Index  .HSI 
and Hang Seng Commerce & Industry Index  .HSNC  
    ** Tencent bought back 210,000 company shares in the open
market for HK$102.5 mln ($13.2 mln) on Wednesday - Hong Kong
bourse filing  urn:newsml:reuters.com:*:nP8N2Q002A
    ** Chinese tech stocks rebound from recent sell-offs fuelled
by concerns over regulatory crackdown 
    ** China has imposed a flurry of regulations and penalties
over the past year, affecting sectors ranging from gaming to
education to e-commerce  urn:newsml:reuters.com:*:nL1N2PP031
    ** Shares of Koolearn Technology  1797.HK  jump 13.5% to
HK$5.29, their highest since Aug. 11   
    ** Kuaishou Technology  1024.HK  surges as much as 11.4%, 
Bilibili  9626.HK  rises 7.8% and Alibaba  9988.HK  up 4.1% 
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
surges 1.7%, and the Hang Seng Tech Index  .HSTECH  jumps 2.4% 
    ** The Hang Seng China Enterprises Index  .HSCE  rises 1.3%,
and the benchmark index  .HSI  climbs 0.8%
    ** As of last close, Tencent stock down 13.4% this year

($1 = 7.7751 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))