Asian Tech Stocks Have Burned $94 Billion in Value This Week
(Bloomberg) -- After a searing rally this year, investors may be getting set to pull the ripcord on tech stocks as a global selloff accelerated this week.
In Asia, the MSCI AC Asia-Pacific Information Technology Index, dominated by some of the year's biggest winners including Tencent Holdings Ltd., Samsung Electronics Co. and Alibaba Group Holding Ltd., has already lost about $94 billion in market value this week through Nov. 29 as the index slumped 3.1 percent.
To put that decline into context, the FANG group of U.S. technology giants -- Facebook Inc., Amazon.com Inc., Netflix Inc. and Google's parent company Alphabet Inc. -- erased about $60 billion in a 3.7 percent drop on Wednesday alone, a record amount for a single day.
It's not all doom and gloom though, as the Asia technology block is still up 55 percent this year, its best yearly performance since 2009.
To contact the reporter on this story: Eric Lam in Hong Kong at elam87@bloomberg.net.
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Divya Balji, Colin Simpson
©2017 Bloomberg L.P.
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