Tencent Caps Biggest Weekly Gain Since 2011 on Banking Bets
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Tencent Holdings Ltd. capped the biggest weekly advance in three years on analyst upgrades and speculation the addition of online banking and stockbroking will boost earnings at China’s second-biggest Internet company.
Tencent posted a 13 percent surge this week in Hong Kong, the steepest such gain since October 2011, rallying after JPMorgan Chase & Co. and Mizuho Securities Asia Co. raised ratings and price targets on the company. Kevin Tam, an analyst at Core Pacific-Yamaichi International Hong Kong Ltd., expects more upgrades as Tencent expands into banking and share-trading. The stock rose as much as 1.3 percent in Hong Kong today, before ending the day 0.1 percent lower at HK$127.20.