There has been particular selling pressure among the tech stocks, which had been leading stock market rallies since the beginning of the pandemic, as economies moved into remote working arrangements and lockdowns.
Meanwhile, some of the local market's hottest counters - the likes of AEM and Hi-P International - are now down on a month-on-month basis . UBS regional chief investment officer Kelvin Tay told The Business Times that the Wall Street tech sell-off is a result of"overcrowdedness in terms of investor positioning" as well as positive developments on the vaccine front.
"Although the local sell-off is really stock-specific, it's pegged very closely to what's going on in the US as many of the tech counters move in sync with what's happening over there." The FAANG stocks, for instance, have P/E ratios ranging from 30.3 to 113.8 times. In comparison, local companies are trading in the"high single digits to mid-teens" range, he said.
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