23 August 2019

Mobile gaming plays boost score with acquisition move

Hong Kong’s benchmark Hang Seng Index (HSI) stabilized Tuesday after falling more than 300 points Monday. The tension between Russia and Ukraine eased as Russian troops were recalled to their bases after military exercises in the western part of the country.

The HSI rebounded 156 points, or 0.7 percent, to end the day at 22,657. The Hang Seng China Enterprises Index, the main gauge for H shares, rose 0.26 percent to finish at 9,776. But the Shanghai Composite Index gave up 0.18 percent to close at 2,071 points.

Mobile gaming was one of the day’s winners. Forgame Holdings (00484.HK) ended up 7 percent after announcing it had bought 21 percent of Magic Feature, the mobile game developer of Tower of Saviors {神魔之塔}. The news made ripples across the sector, with other players including Sinosoft Technology Group (01297.HK), Kingsoft Corp. (03888.HK) and ChinaSoft International (00354.HK) all having notable rises.

China Petroleum & Chemical (00386.HK) climbed more than 2 percent and PetroChina (00857.HK) closed 1.85 percent higher as turmoil in Ukraine pushed the international oil price to a five-month high.

Meanwhile, handset maker Xiaomi started to sell its flagship product Mi3 in Hong Kong Monday; all 5,000 units were sold out within 38 seconds, according to Xiaomi’s official site. Upstream parts supplier Tongda Group (00698.HK) shot up 12 percent to a record high during the session.

– Contact the writer at [email protected]



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