The sell-off in Asia’s biggest stock is nearing US$100bil

HONG KONG: Tencent Holdings Ltd.’s sell-off may get a lot worse after the shares failed to hold above their key support level.

Asia’s biggest stock closed down 0.3% in Hong Kong on Thursday, despite an otherwise upbeat market in the city. Tencent is now trading below the key level of HK$320 that supported its shares on three occasions this year. The stock has lost about 20% since a peak in April, equivalent to some $93 billion in market value.