Tencent, which influences the local bourse via the Naspers stable, gains 3.71%
The JSE is opening to green tickers from Asia on Tuesday morning as Chinese tech stocks jumped with Tencent, Alibaba and food delivery giant Meituan rising.
China’s economy is suffering under its zero-Covid9 policy, which aims to eliminate instead of living with the coronavirus, and outbreaks in cities. This is affecting supply chains across the world as Chinese supplies dry up. Local focus this week will be squarely on the Reserve Bank, which is expected to announce a 50-basis point interest rate hike on Thursday. Consumer inflation numbers for April are due the day before, and are expected to show an acceleration from March’s reading of 5.9%.
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