(Bloomberg) China’s Hang Seng Tech Index rose 1.6% on Tuesday, the highest since late July after Tencent Holdings boosted market sentiment in a fresh round of share buybacks.
Tencent bought back shares worth HK$100.5 million or $12.9 million, allowing traders to jump into the market on boosted sentiment.
The surge in Hang Seng also reflected cooling warnings by Beijing recently, with the regulators only announcing targeted crackdowns.
Tencent has been repurchasing shares lately since August 18, with a total of 2.2 million shares bought since then at HK$464 average price per piece.
Hang Seng Index is up +0.73%, 0700: HKG is up +2.08%.
