(Bloomberg) — Stocks in Asia were dragged down by losses in Hong Kong and China amid concern over tighter regulation on the gaming industry and fears the Chinese government’s efforts to bolster the economy are insufficient.
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The Hang Seng Tech Index slid as much as 3.5%, putting it on course for the lowest close since November 2022. The three biggest drags on the MSCI Asia Pacific Index were Tencent Holdings Ltd., Alibaba Group Holdings Ltd. and Meituan, all Chinese tech firms. Benchmark stock indexes also fell in South Korea and Australia.
Investor sentiment remains quite negative in China despite a rally in global stocks during the past two months of 2023, Nomura Group analysts including Chetan Seth in Singapore wrote in a client note. “In China, there have been more signs of support for the economy, but equity investors still do not appear convinced,”…
