Naspers second-biggest loser in emerging market selloff
Chinese stocks, including Tencent, have taken the biggest hit, but Naspers has suffered more
London — A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016. The recent selloff in emerging markets has been driven by a relatively narrow group of stocks, wrote Richard Turnill, global chief investment strategist at BlackRock, the world’s biggest asset manager. “The 10 bottom performers in the MSCI EM Index (are) accounting for nearly 40% of the hit,” Turnill wrote in a note to clients.
That list reflects the dominance of Asian, mostly technology, firms in emerging stock markets. Of the ten stocks, six are Chinese heavyweights, such as e-commerce firms Alibaba and JD.com, internet search firm Baidu, gaming and social media company Tencent as well as lenders China Construction Bank and Standard Bank’s 20%-owner ICBC. Taiwan’s Hon Hai, South Korea’s Samsung Electronics, SA’s Naspers and Russian lender Sberbank complete the...