Tencent Has Worst Week Since 2015 After $274 Billion Rally
(Bloomberg) -- Tencent Holdings Ltd. posted its biggest weekly loss since August 2015 amid concern a recent rally was excessive.
The technology company retreated 3.3 percent Friday, taking its decline this week to 7.4 percent. Tencent's shares have more than doubled this year, adding $274 billion in value through last week, while the company's market value topped that of Facebook Inc. for a period last month. As part of a quarterly rebalancing on Friday, the stock's weighting on Hong Kong's benchmark Hang Seng Index will fall to 10 percent from 11.7 percent.
MSCI Inc.'s global gauge of technology shares has slumped 1.8 percent this week as traders rotated out of 2017's best performers.
Cathay Pacific Airways Ltd. and Kunlun Energy Co. will be dropped from Hong Kong's benchmark when the rebalancing takes effect. Cathay, a member of the gauge for decades, slid 1.5 percent Friday, while Kunlun Energy Co. advanced 0.7 percent.Â
Chinese property developer Country Garden Holdings Co. and Apple Inc. supplier Sunny Optical Technology Group Co. will take their places. Country Garden added 4.7 percent, while Sunny Optical's shares gained 1.5 percent.
--With assistance from Robin Ganguly
To contact the reporter on this story: Moxy Ying in Hong Kong at yying13@bloomberg.net.
To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, Ryan Lovdahl, Will Davies
©2017 Bloomberg L.P.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
