Tencent stock price remained range-bound between HKD 316

Tencent stock price remained range-bound between HKD 316 and HKD 320 as market participants digested mixed macro data from China. Bond yield softness is prompting some rotation into growth equities like Tencent, seen as high-quality exposure. Stringent COVID-19 lockdowns and government-driven fear surrounding the virus have led to Chinese citizens saving a lot more money than most of the world. This excess savings should lead to a robust Chinese economy and a strong consumer. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Market data shows Tencent stock price attracting strong northbound inflows via Stock Connect, suggesting Mainland investors view current levels as a buying opportunity. This capital flow may help stabilize price action over the coming weeks.