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Name | Symbol | Market | Type |
---|---|---|---|
Tencent Holdings Ltd (PK) | USOTC:TCEHY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.03 | 6.87% | 47.15 | 47.11 | 47.14 | 47.48 | 45.88 | 45.90 | 4,707,799 | 21:01:25 |
By Saumya Vaishampayan
Stocks in Asia rallied on Monday, including a 1.7% advance in the Shanghai Composite and a 1.2% rise in Japan's Topix.
Monday's Big Theme
The region's technology giants have hit a rough patch in recent months, providing a rocky backdrop for smartphone-maker Xiaomi's Hong Kong debut.
What's Happening
Xiaomi's shares dipped below their offer price of 17 Hong Kong dollars (US$2.17) in early trading in Hong Kong, before recovering to finish the morning session almost flat. The $4.7 billion share sale could be the first of several huge tech listings in the city.
Asian technology stocks have underperformed U.S. rivals this year, with MSCI's regional gauge down 4.5%, compared with a 13% rise for its American counterpart.
Chinese gaming and social-media giant Tencent Holdings, a key constituent of Hong Kong's Hang Seng and the MSCI regional technology index, has slumped nearly 8% from a high on June 7, even after a 2.4% rise on Monday. Samsung Electronics, the world's largest smartphone and semiconductor maker, has shed more than 13% since its 2018 peak on May 3.
Chinese internet companies listed in the U.S. have also pulled back. Alibaba Group Holding is off 8.8% since hitting its 2018 high on June 14--though it is up more than 11% for the year.
Market Reaction
Analysts cite several factors, including disappointing earnings.
"Last year, I think every fund manager held Tencent," said Julia Pan, an internet analyst at UOB Kay Hian in Shanghai. But as 2018 began, she said, they realized it couldn't perform as well as in 2017 and sold--contributing to the stock's decline.
Alibaba, Tencent, and others are now exploring different avenues for growth and investing more in research and development. Those efforts could squeeze margins and hit profits, according to Ms. Pan, further denting sentiment.
Prices of two major kinds of memory chips have dropped this year, leading to a profit forecast from Samsung on Friday that was below analysts' expectations.
In other cases, deteriorating trade relations between the U.S. and China have played a role. Chinese telecoms giant ZTE's Hong Kong shares are down 57% this year, with U.S. punishments for sanctions-busting throwing its future into doubt.
Elsewhere
The WSJ Dollar Index, which measures the U.S. currency against 16 others, slipped 0.1%. U.S. crude oil rose 0.3% to $74.06 a barrel.
Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com
(END) Dow Jones Newswires
July 09, 2018 02:52 ET (06:52 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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