Shares in Europe-listed gaming companies fell on Tuesday and U.S. names were tipped to open lower after a steep selloff in China's social media and video games group Tencent on fears the sector would be next in regulators' crosshairs.
Tencent's shares tumbled more than 10per cent at one point in Hong Kong, wiping off almost US$60 billion from its market capitalisation, after a Chinese state media outlet branded online video games"spiritual opium".The article by an outlet affiliated with China's biggest state-run news agency Xinhua cited Tencent's"Honor of Kings", saying minors were addicted to online games. It called for more curbs on the industry.
"It's that reminder of regulatory risks in a market that's at all-time highs where some people are looking to lock in profits. Hence we are seeing a small amount of contagion," said Grace Peters, EMEA Head of Investment Strategy at J.P. Morgan Private Bank.
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