Tencent, Alibaba rebound after sell-off; tech index rises

JD Health International

25/10/2022 06:44

** Shares of Tencent  0700.HK  rebound as much as 4.6% to
HK$215.60 on Tuesday morning, a day after they closed down 11.4%
- third-biggest daily pct drop since debuting in June 2004
    ** Tencent shares last up 2.3%, still wiping off HK$211.4
bln ($26.9 bln) of the company's market capitalisation so far
this week
    ** Hong Kong shares of Alibaba  9988.HK  rise 4.7% after a
11.4% plunge on Monday, still wiping off HK$107 bln ($13.6
bln)of its market value so far this week  urn:newsml:reuters.com:*:nL1N31P0MK  
    ** Daiwa reaffirms "Positive" sector rating for China
Internet sector and says better-than-expected revenue momentum
to fuel positive earnings revisions from 2Q23 could be an
inflection point with "buy" rating on Tencent, Meituan <3690 HK>
and Alibaba etc
    ** Daiwa says U.S. chip ban is one of the key concerns for
investors while key risks also include macro slowdown and
regulations
    ** Shares of Meituan, JD Health  6618.HK , Alibaba Health
 0241.HK , Kuaishou  1024.HK , JD.Com  9618.HK  and Bilibili
 9626.HK  rise between 3.2% and 7.8%
    ** Hang Seng Tech Index  .HSTECH , which lost 9.7% in
previous session, surges 2.5% while Hang Seng Index  .HSI  slips
0.5%
($1 = 7.8495 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))