Hong Kong’s biggest stock is ready for a turnaround, analysts say

Source: cnbc.com cnbc.com

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After three straight years of decline, Chinese tech company Tencent is poised for gains in 2024. The stock is up more than 3% for the year so far, in contrast with a decline of more than 4% in Hong Kong's main Hang Seng Index. Tencent, largely known for its gaming and social media businesses, is the biggest stock in the index with a market capitalization of more than $350 billion. The first quarter should "mark the trough" in Tencent's games business, Morgan Stanley equity analyst Gary Yu and a team said in a report on April 14. "We expect games...