After Facebook, this tech firm suffers the greatest loss
- IndiaGlitz, [Wednesday,August 01 2018]
If you thought tech stocks were doing well you'd have gotten a major shock out of Facebook's fall in value. Now guess what Tencent has experienced a much larger loss in share wealth in the last three trading days alone.
The value of the Chinese major has come down by at least 25%from its January numbers, almost a loss of $143 billion of market value. The biggest loss of shareholder wealth till date.
This has led to investor becoming a little concerned about the positivity of tech stocks which they once promised. Tencent is the second largest firm after Alibaba Group in China. The reason for the slump that many tech companies face is doubted to be the saturation in some segments and the inability to sustain a high growth that the field saw in the past 9 years
It is also worth noting here that at least 11 brokerages firm have cut down their share price target for Tencent including Morgan Stanley.