Tencent at new high

Business | Dominique Nguy 21 Apr 2017

Shares of Tencent (0700) rose to a record high yesterday as the internet giant's chairman Pony Ma Huateng said in an economic forum that it would provide basic services in areas such as cloud computing, big data and internet to support corporations.

Tencent's stock price rose 2.8 percent and closed at HK$236.6. Turnover was HK$5.02 billion.

Ma said Tencent will continue to be the connector as Chinese corporations transform towards the digital economy and would invest in new technology areas such as artificial intelligence and virtual reality.

The surge in Tencent's stock price helped lift the Hang Seng Index above the 24,000 mark with most of the other blue chip stocks also doing well.

The Hang Seng index rose 1.0 percent to 24,056 points, while the China Enterprises Index gained 0.7 percent to 10,056. Market turnover amounted to $67.73 billion.

Other IT and software stocks also did well yesterday. Shares of Forgame (0484) rose 14.8 percent and closed at HK$10.08.

Shares of Roma Group (8072) dropped 14.3 percent and closed at HK$0.036 yesterday after ICAC conducted a search at the company's premises on Wednesday. One of Roma Group's directors is assisting in the investigation.

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