Asian Tech Stocks Have Burned $94 Billion in Value This WeekBy
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.