The move also underscores the whipping US stocks have taken over the past year, primarily due to massive monetary tightening by the Federal Reserve. A growing conviction that the abrupt relaxation of virus curbs will eventually fuel a revival in consumption has aided the rally. That’s after President Xi Jinping’s “common prosperity” campaign crushed the sector over the past two years. Shenzhen-based Tencent commanded market value of about $442 billion as of Wednesday’s close in Hong Kong. Still, that is less than half of the $949 billion it enjoyed at a peak in January 2021.

Source: News 24 January 05, 2023 20:51 UTC