Asian Internet groups listed on the Nasdaq Stock Market have taken a pounding this week, chalking up some of the steepest losses in the recent technology stock sell-off in the United States.
Hong Kong-based regional Internet portal Chinadotcom Corp shed 28.7 per cent in the first two days of trade this week to US$57.75, compared to a 9.27 per cent drop in the Nasdaq Composite Index. Chinadotcom was at $54.5625 early yesterday afternoon.
The stock was down 62.85 per cent from its record $146.875 close on March 3.
The Singapore-based regional Internet portal Pacific Internet shed 21.96 per cent to $29.3125 in the first two trading days of the week and was down 60.85 per cent from its recent peak of $74.875. The stock was at $28.75 yesterday afternoon.
Analysts said the stocks were vulnerable as their operations were in the younger Internet terrain of Asia.
The counters were also sold in line with other Internet content providers - which tend to have the highest valuations - as investors sought hardware and infrastructure Internet plays.