(Bloomberg) -- Tencent Holdings Ltd.’s downward spiral is accelerating at a dizzying pace.
Asia’s biggest stock closed 6.8 percent lower in Hong Kong on Thursday, its second-worst day in seven years. The Chinese Internet giant has lost almost 20 percent in an unprecedented 10-day losing streak, extending the damage since a January high to $252 billion in market value as traders fled technology shares around the world.
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.
To contact the reporter on this story: Sofia Horta e Costa in Hong Kong at shortaecosta@bloomberg.net
To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, David Watkins, Will Davies
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