Game developer New Sports heads for best day on share buyback

Glory Sun Land

29/11/2018 04:04

** Shares of New Sports Group Ltd  0299.HK  soar as much as
103 pct to HK$0.65, the highest since Aug. 30, after the online
game developer says it will continue buying back shares
    ** The stock later trims gains to HK$0.50, still up 56 pct,
and heads for the best day since listing in 2004
    ** The Beijing-headquartered firm has bought back 700,000
shares at HK$0.295-HK$0.32 apiece on Wednesday and may make
further repurchases according to market conditions (https://bit.ly/2E39RS6)
    ** As of the last close, the stock has fallen 60.5 pct so
far this year
    ** New Sports has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 9.8 percentage points in the
past month
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  eases 0.4 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)