Tencent Wipeout Topping $114 Billion Shows Depth of Tech Gloom
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Tencent Holdings Ltd. shares found some respite Friday, bouncing off a key technical level after their worst start to a year since the company’s 2004 listing.
Tencent rebounded 2 percent at 9:20 a.m. in Hong Kong, following overnight gains in the U.S. as the latest bout of earnings buoyed sentiment in the technology sector. The stock on Thursday briefly dropped below its 200-day moving average for the first time since 2016, taking losses since a January peak to $114 billion.