Hong Kong shares rise as gaming firms rebound; China edges up

Credit: REUTERS/TYRONE SIU

Updates to market closing levels

SHANGHAI, Dec 27 (Reuters) - Hong Kong stocks rebounded as the market reopened on Wednesday, led by a rally in gaming firms after regulators vowed to make improvements to proposed rules that had sent stocks in gaming companies plunging.

Mainland China shares edged up, with semiconductor firms leading the gains.

** Hong Kong's Hang Seng Index .HSI rose 1.7%, and the Hang Seng China Enterprises Index .HSCE climbed 2.1% at market close.

** The blue-chip CSI 300 Index .CSI300 ended 0.4% higher, and the Shanghai Composite Index .SSEC added 0.5%.

** The broad Asian stocks also rose, tracking a Wall Street rally as investors latched on to the year-end optimism driven by expectations the Federal Reserve could begin cutting rates as early as next March.

** Tech giants listed in Hong Kong .HSTECH climbed 2.6%, with Tencent Holdings 0700.HK up 4% and NetEase 9999.HK jumping 11.9%, following sharp declines in the two gaming giants in the previous session, as China's to curb spending on video games dented sentiment.

** To soothe sentiment, China's video game regulator - the National Press and Publication Administration - has struck a more conciliatory tone, saying it would improve the rules by "earnestly studying" public views. It then approved new licenses for 105 domestic online games for December - more than the monthly average.

** However, China's Anime Comic Game Index .CSI930901, covering smaller game makers listed in mainland markets, closed down 0.7%, following a 15% slide over the previous three sessions.

** China's November industrial profits posted double-digit gains as overall manufacturing improved, although soft demand continued to constrain business growth expectations.

** Foreign investors bought a net 5.6 billion yuan ($783.97 million) of Chinese stocks via the Stock Connect, booking the biggest daily inflow since December.

** In China markets, shares in semiconductors .CSIH30184 and energy companies .CSIEN jumped 1.5% each, while securities brokers .CSI399707 advanced 0.7%.

($1 = 7.1431 Chinese yuan)

(Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)

((Jason.Xue@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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