Absence

Tencent’s Absence Is a Drag for Lagging Asia Tech Stocks

(Bloomberg) — U.S. technology stocks are on their hottest winning streak of the year, yet those gains aren’t necessarily translating to the same boost for their peers in Asia.

The tech benchmark Nasdaq 100 Index, heavily skewed toward the so-called FAANG stocks — Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc., Google parent Alphabet Inc. — as well as top position Microsoft Corp., has now rallied for six straight days. It has rebounded 33% since a low in March as investors piled into technology and biotech shares seen as winners amid the social-distancing lockdowns of the coronavirus pandemic.

Read: Nasdaq’s Resilience Pushes Benchmark Dominance to 20-Year High

There’s no equivalent tech mainboard in Asia, with the MSCI Asia Pacific Information Technology Index the closest comparable. It’s up a comparatively weak 24% since mid-March, and the top stocks in the gauge, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., have lagged

Read More