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Hong Kong Stocks Rebound: Tencent, NetEase Rally After $63B Dip, Boosted by Positive China Report

Photo from Google
Photo from Google

Hong Kong stocks surged as video-gaming companies rebounded, reassured by Beijing’s efforts to ease concerns over industry regulations. A substantial increase in game approvals, the most in 17 months, and China’s better-than-expected industrial profits contributed to the positive market sentiment.

Photo from Google

Photo from Google

Video-Gaming Rebound and Regulatory Assurance Fuel Gains

Hong Kong’s Hang Seng Index and Tech Index exhibited a robust recovery, climbing 1.7% and 2.6%, respectively, during the local noon trading break. The bounce back marked a notable reversal from the sell-off experienced the previous week. The positive momentum was spurred by Beijing’s recent actions to allay worries about tightening regulations in the gaming industry.

Amidst the rebound, video-gaming companies played a significant role, benefitting from increased confidence as game approvals saw the most significant surge in 17 months. This development reflects a positive shift in regulatory sentiment, contributing to the upward movement of key indices.

While Hong Kong’s financial markets were closed for Christmas on Monday and Tuesday, the Shanghai Composite Index also saw gains, rising by 0.5%. The collective positive impact of eased regulatory concerns and China’s better-than-expected industrial profits influenced the overall bullish sentiment in the region.

READ ALSO: Biden Administration Planned To Hide Chinese Spy Balloon, NBC News Reports

Subheading: Christmas Rebound: Hong Kong and Shanghai Indices Make Gains

On the first trading day after the Christmas break, Hong Kong’s Hang Seng Index and Tech Index displayed significant gains, climbing by 1.7% and 2.6%, respectively. This rebound comes after a recent sell-off and is attributed to the resurgence of confidence in the video-gaming sector.

Video-gaming companies experienced a boost as Beijing reassured the market by increasing game approvals, marking the most substantial surge in 17 months. The move aimed at relaxing industry regulations played a pivotal role in restoring investor confidence and driving the positive momentum.

READ ALSO: Chicago Wheat Pauses After Its Four-Month High On US-China Sales

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