Naspers second-biggest loser in emerging market selloff

That list reflects the dominance of Asian, mostly technology, firms in emerging stock markets.

Of the ten stocks, six are Chinese heavyweights, such as e-commerce firms Alibaba and JD.com, internet search firm Baidu, gaming and social media company Tencent as well as lenders China Construction Bank and Standard Bank’s 20%-owner ICBC.

Taiwan’s Hon Hai, South Korea’s Samsung Electronics, SA’s Naspers and Russian lender Sberbank complete the list.

Tech shares account for around a quarter of overall market cap for the emerging index. So if technology stocks are taking the most heat in this selloff, emerging markets — and especially emerging Asia — look very vulnerable.

A toxic cocktail of rising US Treasury yields and a strong dollar; tighter funding costs and slowing domestic growth; an escalating Sino-US trade war and rising oil prices have roiled emerging markets in recent weeks, sending MSCI’s emerging market index MSCIF down more than 25% from January’s peak.

The emerging benchmark is now falling deeper into bear market territory — defined as peak-to-trough losses of more than 20% — after first cracking that milestone in August.

Translating this into the index’s market cap, the MSCI benchmark has lost about $1.1-trillion or more than 18% of its value — more than double the drop in value global stocks have suffered.