Tokai Fuji Brokerage says Tencent stock rallies towards HK$400
OSAKA, Japan –(BUSINESS WIRE)— Osaka based financial management company, Tokai Fuji Brokerage mentioned that shares in Chinese entertainment conglomerate Tencent Holdings have been rallying on the Hong Kong Stock Exchange just shy off HK$400 per share.
Financial Index’s on Hong Kong’s Stock Exchange including its equity benchmark has been experiencing an incredible bull run with thanks to Chinese companies especially Tencent Holdings as the company stood out with growth.
Tokai Fuji Brokerage highlighted that the company had risen over 3 percent, momentarily trading over the HK$400 trading mark for its first time in nearly a year. The recent interest and excitement that had Tencent Holdings rallying were after it had won regulatory approval for one of its favorite mobile games in Mainland China.
Tencent Holdings was one of a few gainers on the Hang Seng Index in Hong Kong, which closed the trading session 1 percent, higher.
“Tencent Holdings are trading just off its highs were a major shareholder last year sold his position which caused a wave of selling in the stock, however with the company rebounding and winning more regulatory rights over its games, the only way seems up for the near term future.” Commented Brian McCarthy, a Senior Vice President at Tokai Fuji Brokerage.
Analysts from Tokai Fuji Brokerage noted that the recent rally in share price was at 55 percent since October pushing its technical strength index to its highest position since January last year.