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BUZZ-Prosus shares rise tracking Tencent Holdings gains

Reuters
Aug 13
BUZZ-Prosus shares rise tracking Tencent Holdings gains

** Shares in Dutch e-commerce firm Prosus PRX.AS rise around 3% to their highest in over two weeks, boosted by Tencent Holdings shares in which it owns a 23% stake

** Tencent Holidings 0700.HK shares hit their its highest since June 2021, while those of its music streaming unit 1698.HK hit record high on quarterly revenue beat

** UBS Equities analyst Joseph Barnet-Lamb underlines that about 80% of Prosus' value is locked in its Tencent stake

** SBG Securities analyst Nadim Mohamed also points to "optimism around potential U.S. rate cuts" as a supporting factor

** Up to the previous session's close, Prosus' shares gained 32.3%​ YTD

** Tencent Holdings is scheduled to report Q2 results after the market closes on Wednesday

(Reporting by Mateusz Rabiega)

((Mateusz.rabiega@thomsonreuters.com))

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