HONG KONG (BLOOMBERG) - Tencent Holdings slumped after a world-beating surge in the stock pushed its market value to the cusp of US$1 trillion (S$1.3 trillion) for the first time.
The Chinese Internet behemoth lost as much as 5.5 per cent in Hong Kong on Tuesday (Jan 26), putting its market capitalization below US$900 billion. Traders took profit after Monday's 11 per cent surge, which was Tencent's biggest in almost a decade. Adding caution were comments by an advisor to China's central bank to local media indicating that excessive liquidity and ultra-low borrowing costs were creating bubbles in the stock market.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you