China stocks slip, gaming shares extend slump after new rules announced
China stocks slipped on Monday, with online gaming shares extending their decline of the previous session as China's new rules to curb spending on video games dented sentiment despite regulators' latest efforts to soothe investor concerns.
The Hong Kong market is closed for the Christmas holiday.
** The blue-chip CSI 300 Index slipped 0.1% and the Shanghai Composite Index was down 0.3% by the midday recess.
** China's CSI Anime Comic Game Index slumped 4.9%, extending a 10% tumble in the previous session.
** The weak sentiment towards the sector persisted despite a statement from regulators on Saturday that they would make improvements to the proposed rules after «earnestly studying» public views on them.
** The proposed rules aim at curbing money and time spent on video games, dealing a blow to the world's biggest games market and knocking the value of Tencent Holdings, Netease and other gaming stocks.
** On Monday, shares in gaming companies Giant Network Group, 37 Interactive Entertainment Network and Kingnet Network were all down their 10% daily limit.
** Stocks in the media sector tumbled 2.6%, while defence shares gained 1.6%.
