Tencent Has Worst Week Since 2015 After $274 Billion Rally
- Global technology shares have fallen as traders take profit
- Tencent weighting will be reduced in Hang Seng Index
Why Tencent Wants to Be More Like Facebook
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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.