If you thought the slump in U.S. technology stocks was bad, take a look at Tencent Holdings Ltd.
The Chinese Internet giant has tumbled 25 percent from its January peak, erasing about $143 billion of market value. That’s the biggest wipeout of shareholder wealth worldwide, as measured from the date of each stock’s 52-week high. Facebook Inc., the F in the FANG block of mega-cap U.S. tech shares, is the second-biggest loser with a $136 billion slump over the past three trading sessions.
Investors around the world are beginning to question whether the best days are over for technology stocks -- the leaders of a nine-year boom in global equities. Tencent, Asia’s second-largest company after e-commerce behemoth Alibaba Group Holding Ltd., has also been dogged by concern that growth in its mobile-gaming unit is slowing. The stock, down 3.3 percent on Tuesday and 9.8 percent in July, capped its biggest monthly retreat since 2014....MORE