Tencent shares hit by Trump victory

THE SHARES of Naspers, South Africa’s e-commerce and media group, dropped 5.39 percent to R2 095 at the close on the JSE on Friday, the steepest decline since October 13, after Tencent, in which it owns a 33 percent stake, tumbled in Hong Kong. Tencent slumped 3.9 percent amid concern that Chinese internet companies might be hit by a more protectionist America under President Donald Trump. “The drop in Naspers is directly aligned to the drop in Tencent’s share price today,” said Sasha Naryshkine, a director at money manager Vestact. “There will be a period of volatility until it is clearer to the market what will happen with Trump in place. There is a less friendly investment philosophy in emerging markets at the moment,” Naryshkine said. “The election outcome has resulted in somewhat of a bulk sell-off in emerging market stocks.” – Bloomberg and Staff Reporter