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    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/19 04:08:33 am EDT
341.80 HKD   -6.51%
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Stocks end losing streak on China stimulus; all eyes on Turkey c.bank

01/20/2022 | 03:44am EDT

* HK stocks jump 3.3%

* Turkey cenbank seen keeping rate unchanged at 14%

* Russian rouble slips after 1.2% surge on Wed

Jan 20 (Reuters) - Emerging market stocks snapped a five-day losing streak on Thursday, with Hong Kong shares surging 3.3%, as investors welcomed more monetary policy easing from China, while Turkey's lira slipped ahead of a central bank meeting later in the day.

U.S. Treasury yields coming off this week's peaks also aided risk sentiment, sending MSCI's index of EM shares up 1% after losing 2% over the last five sessions amid rising bets for a hawkish Federal Reserve.

China cut its one-year loan prime rate by 10 basis points (bps) to and the five-year LPR by 5 bps, the first reduction since April 2020. Investors had bet on more easing after recent data had shown slowing economic growth.

With heavyweights such as Tencent, Meituan and Alibaba surging between 11% and 6.9%, Hong Kong's main index marked its best session in nearly six months. Struggling property stocks also rallied after Beijing's measures to increase access to liquidity.

"Policy-divergence may eventually undermine the (Chinese yuan) but policy supports are positive for domestic securities (such as bonds and equities) especially after a year of regulatory tightening," Maybank strategists said in a note.

"Expectations for portfolio-related inflows may continue to support the (yuan)."

The yuan was just hair's breadth away from over 3-1/2 year highs against the dollar.

Turkey's lira lost 0.8%, while stocks rose 0.7% ahead of the central bank's decision due at 1100 GMT. The policy rate is seen unchanged at 14% after 500 bps worth of cuts amid surging inflation sent the currency spiralling to record lows of over 18 a dollar.

Turkey's monetary policy committee will likely remain on hold this quarter, Credit Suisse analyst Berna Bayazitoglu said.

Turkey's decision would follow those of Malaysia and Indonesia which left their respective rates unchanged, while Sri Lanka's was raised by 50 bps.

In geopolitical news, U.S. President Joe Biden said Russia would pay dearly for a full-scale invasion but suggesting there could be a lower cost for a "minor incursion," sowing doubts about Western response to an attack.

Russia's rouble slipped 0.6% after surging 1.2% on Wednesday, while Ukraine's hryvnia moved further away from December 2020 lows. Ukraine's central bank is seen hiking the key rate by 50 bps later in the day.

Biden and his team have prepared a broad set of sanctions and other economic penalties to impose on Russia in the event of an invasion and the U.S. president said Russian companies could lose the ability to use the dollar.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Susan Mathew in Bengaluru; Editing by Rashmi Aich)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.40% 88.7155 Delayed Quote.-26.50%
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) 0.57% 4.735798 Delayed Quote.2.66%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.52% 8.386762 Delayed Quote.-2.11%
BRITISH POUND / US DOLLAR (GBP/USD) 1.28% 1.25044 Delayed Quote.-7.71%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.03% 5.239 Delayed Quote.4.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.69% 0.78121 Delayed Quote.-1.28%
CREDIT SUISSE GROUP AG -1.69% 6.528 Delayed Quote.-25.16%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.58% 7.1154 Delayed Quote.-1.62%
EURO / UKRAINE HRYVNIA (EUR/UAH) 1.22% 31.30527 Delayed Quote.0.61%
EURO / US DOLLAR (EUR/USD) 1.24% 1.06037 Delayed Quote.-7.24%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.22% 0.086615 Delayed Quote.1.92%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.46% 0.012911 Delayed Quote.-3.86%
MEITUAN INC. -3.78% 165.5 Delayed Quote.-23.69%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.78% 0.64065 Delayed Quote.-7.01%
ON SEMICONDUCTOR CORPORATION 1.63% 56.85 Delayed Quote.-17.80%
TENCENT HOLDINGS LIMITED -6.51% 341.8 Delayed Quote.-19.97%
UKRAINE HRYVNIA / EURO (UAH/EUR) -1.19% 0.031947 Delayed Quote.-0.61%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.87% 6.7176 Delayed Quote.5.96%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.68% 6.7085 Delayed Quote.6.01%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.18% 62.1145 Delayed Quote.-14.26%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.44% 15.8651 Delayed Quote.18.89%
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Financials
Sales 2022 589 B 87 145 M 87 145 M
Net income 2022 112 B 16 604 M 16 604 M
Net cash 2022 96 132 M 14 234 M 14 234 M
P/E ratio 2022 25,3x
Yield 2022 0,42%
Capitalization 2 803 B 415 B 415 B
EV / Sales 2022 4,60x
EV / Sales 2023 3,73x
Nbr of Employees 112 771
Free-Float 62,5%
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Mean consensus BUY
Number of Analysts 49
Last Close Price 294,09 CNY
Average target price 403,93 CNY
Spread / Average Target 37,4%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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