Emerging World's Three Biggest Stocks Are Now Down $170 Billion
- Tencent, Alibaba and TSMC have all been tumbling this month
- MSCI Emerging Markets gauge set for worst month since October
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May is proving painful for emerging-market investors as three of their tech favorites have taken a beating due to the China-U.S. impasse.
Tencent Holdings Ltd., Alibaba Group Holding Ltd., and Taiwan Semiconductor Manufacturing Co., the three biggest stocks on the MSCI Emerging Markets Index, have lost a combined $170 billion in value this month. That is more than the market caps of HSBC Holdings Plc or Kweichow Moutai Co., the world’s most valuable distiller.