Block Trades Show Investors Losing Faith in Asia’s Biggest Stock
- More than 1 million shares crossed below key price on Friday
- Asia’s biggest stock had its worst week since early August
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Tencent Holdings Ltd. shareholders just had their worst week in months, with a series of large trades adding more pressure to Asia’s biggest stock.
Three blocks totaling more than one million shares were conducted off-exchange just before 10 a.m. Friday. While the trades were only worth about HK$355 million ($45 million), they all crossed at HK$319.50 -- just below the key support level. The trades were conducted by three brokers, according to people who saw them, signaling multiple entities were involved. The stock fell 0.8% to the lowest since Jan. 8.