FAANG shares enter bear market
On Wall Street, the so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all closed in bear market territory on Monday. Those stocks had already fallen steadily over the last 6 weeks as the companies delivered disappointing earnings and mixed forecasts. Wall Street defines a bear market as a fall of 20 percent or more from a stock’s 52-week high.
South Korea’s Samsung Electronics and SK Hynix also fell on the back of a report from the Financial Times that Chinese authorities have alleged “massive evidence” of antitrust violations by the two chipmakers and Micron Technology. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world.
On Tuesday, Samsung’s stock declined by 1.95 percent while SK Hynix saw losses of 3.30 percent.
In Hong Kong, shares of Chinese tech behemoth Tencent fell 3.30 percent. Electronics maker Xiaomi bucked the trend — its stock surged 8.38 percent after the company reported that it had swung to a net profit in the third quarter.