Stock Track | Tencent Shares Tumble as Lack of New Stimulus Disappoints Markets

Stock Track10-08

Shares of Chinese tech giant Tencent Holdings Ltd. plummeted by 8.11% on Tuesday, as investor disappointment over the lack of new economic stimulus measures from Beijing sparked a broad sell-off in Chinese stocks.

The sharp decline in Tencent's stock followed a briefing by China's National Development and Reform Commission, which failed to provide concrete details on further stimulus plans, dashing hopes for more supportive policies to boost the economy.

The disappointment over the lack of new stimulus measures triggered a massive sell-off in Chinese markets, with the Hang Seng Index plummeting 9.6% and the Hang Seng Tech Index plunging 13.6%. As one of the largest tech companies in the region, Tencent was caught in the crossfire, with its shares tumbling to close at HK$312.80.

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