Tencent headed for worst week in nearly two years
Hong Kong — Tencent Holdings headed for its biggest weekly loss in almost two years amid concern a recent rally was excessive.
JSE-listed Naspers owns about a third of Tencent. In mid-morning trade on Friday, Naspers had fallen 1.92% to R3,617.06 as the media group tracked the losses in its Chinese associate.
Tencent’s shares have more than doubled this year, adding $274bn in value through last week.
As part of a quarterly rebalancing later on Friday, the stock’s weighting on Hong Kong’s benchmark Hang Seng index will fall to 10% from 11.7%.
MSCI’s global gauge of technology shares has slumped 2.6% this week as traders rotated out of 2017’s best performers.