The Chinese media giant staged a recovery after Tuesday’s slump, with US markets also positive overnight
A trader works on the floor of the New York Stock Exchange in New York, the US. Picture: BLOOMBERG/MICHAEL NAGLE
Tencent, which gives direction to the JSE via Naspers’s huge stake, was up 4.93% in morning trade, having slumped 6.11% in the previous session.China’s state media referring to online games as “spiritual opium”, and follows a selling frenzy last week sparked by a crackdown on music licensing. Naspers lost almost 7% on Tuesday, losing about R100bn in value, almost equivalent to the market capitalisation of banking group Absa.
In morning trade the Hang Seng was up 1.62% and the Shanghai Composite 0.56%, while Japan’s Nikkei had given back 0.16%.
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