Tencent selloff tops $250bn with worst day since 2011

(Photo: Richard A Brooks, AFP)
(Photo: Richard A Brooks, AFP)

Tencent’s downward spiral is accelerating at a dizzying pace.

Asia’s biggest stock fell as much as 7.5% 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% in an unprecedented 10-day losing streak, extending the damage since a January high to $254bn 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 on Monday.

Making matters worse was Wednesday’s slump in US tech stocks, the worst in seven years, as well as a fresh leg lower in the yuan.

* Fin24's parent company Media24 is part of the Naspers Group. Naspers owns a stake in Tencent.

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