HONG KONG: Tencent Holdings Ltd.’s downward spiral is accelerating at a dizzying pace.
Asia’s biggest stock fell as much as 7.5 percent in Hong Kong on Thursday, heading for its steepest slide in seven years, as traders fled technology shares around the world. The Chinese Internet giant has lost about 20 percent in an unprecedented 10-day losing streak, extending the damage since a January high to $254 billion in market value.
While the shares have been stuck in a downtrend for a record 261 calendar days, selling has been particularly aggressive this week after Tencent failed to hold above the key HK$300 per share price Monday. Making matters worse was Wednesday’s slump in U.S. tech stocks, the worst in seven years, as well as a fresh leg lower in the yuan. - Bloomberg