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China's Tencent woes hit European and US gaming stocks

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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 ...

LONDON: Shares in U.S. and European-listed gaming companies fell on Tuesday after a steep selloff in China's social media and video games group Tencent driven by fears the sector could be next in regulators' crosshairs.

The slide in European and U.S. gaming stocks followed a tumble in Tencent, down more than 10per cent at one point in Hong Kong in a decline that wiped off almost US$60 billion from its market capitalisation, after a Chinese state media outlet branded online video games"spiritual opium". Analysts at Citi said the news was not expected to have a major operational impact on gaming companies outside China, though the reaction showed how jittery the market was on the topic of China tech regulation.Grace Peters, EMEA head of investment strategy at J.P. Morgan Private Bank, said:"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.

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