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Tech stocks poised for a comeback, says equity manager

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As tech giants' power is likely to be curbed by US authorities, Stonehage Fleming says it will ‘only affect some businesses to some extent’

A Google sign at theWorld Artificial Intelligence Conference in Shanghai, China, September 17 2018. Picture: REUTERS/ALY SONG

Despite rallying 2.7% on Tuesday after US Federal Reserve chair Jerome Powell said the central bank could cut rates, the tech-heavy Nasdaq Composite remained 7.8% down from its close on May 3. Tencent has slipped 14.6% since May 3, while Naspers has declined about 9%, propped up by the weaker rand and plans to list its international internet assets in Europe. Naspers’s decline has dented the JSE, given its hefty weighting in local indices.

“The anti-trust probes will affect only some businesses to some extent, and it may take very long before that happens,” said Smit. “In those cases, valuations already reflect some of those risks.”

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