SHANGHAI: China stocks closed slightly higher on Monday in holiday-thinned trade with the Hong Kong market closed for Christmas, although online gaming shares extended the previous session’s losses after China announced new rules to curb spending on video games.
The blue-chip CSI 300 Index closed up 0.3% and the Shanghai Composite Index edged up 0.1%.
China’s CSI Anime Comic Game Index slumped 3.4%, adding to a 10% tumble the previous session.
Weak sentiment towards the gaming sector persisted despite a statement from regulators on Saturday that they would make improvements to their proposed rules after “earnestly studying” public views on them.
The proposals, aimed at curbing money and time spent on video games, were a blow to the world’s biggest games market and knocked 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 plunged between 7% and 10%.
Stocks in the media sector tumbled 1.7%, while energy shares rose 1% and consumer staples were up 0.7%.
Aviation defence stocks jumped 1.8%.
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