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North Asia was off except for Hong Kong, while South Asia posted small gains on light volumes. Hong Kong opened higher for the first time since last Friday, closing up +1.56%, though off intra-day highs of +2.59%. The index went over the 20,000 level in morning trading, though faded in the afternoon.
Online games and video companies had a strong day on the announcement of new approvals of games by developers, including Tencent, which gained +1.87%, and NetEase, which gained +1.15%. Meanwhile, Bilibili gained +2.79%, and Kuaishou gained +3.75%, benefitting from the positive sentiment surrounding game approvals. Tencent’s Hong Kong shares saw strong buying via Southbound Stock Connect compared to its historical average as the company’s new Valorant video game is apparently a big hit outside of China. Hong Kong-listed internet stocks did not rise as much overnight as their US-listed counterparts did yesterday. Alibaba gained +1.39% in Hong Kong overnight versus a whopping +4.21% in the US yesterday, while JD.com gained +1.14% in Hong Kong compared to a +4.18% gain in the US yesterday.
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