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Economy · Business · Markets
Shrinking market value pushes Tencent’s shares buyback for third consecutive day
CKN
2018/09/12 08:58:26
2,152

Sep 12, 2018 (China Knowledge) - Tencent has announced that it will continue to buy back 126,000 shares for HKD 39 million, marking the third consecutive trading day for Tencent, with a cumulative buyback of HKD 85.18 million.

Currently, Tencent's stock price suffers from three major factors. First, Sino-us trade war continues to affect the market making the future of the economy pessimistic; second, Tencent's semi-annual results fell short of expectations and finally, many investors are concerned about the gaming business, especially China's regulation of online games.

Sino-us trade war faces the risk of escalation. At present, Trump's proposal to impose tariffs on more Chinese goods has cast a shadow over the market. Due to concerns about the future economy, Alibaba, Netease, Weibo, Baidu and other Chinese stocks listed in U.S. have all weakened recently.

Tencent's stock price all closed down after the buyback two days before, but today Tencent's stock closed at HKD 308.4, up 0.13% for the first time this week. 

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