Share prices of many gaming, e-commerce, and business communication stocks soared in 2020 and early 2021, then tanked dramatically in the later part of 2021. Shopee has already established itself as the largest online marketplace and accounts for almost 57% of Southeast Asian e-commerce market's transaction volume.
Singapore Telecommunications , Southeast Asia's largest telecoms firm, and ridehailing-to-payments firm Grab Holdings Ltd, have each bought a 16.3% stake in PT Bank Fama International to pursue banking opportunities in Indonesia. Indonesian conglomerate Elang Mahkota Teknologi Tbk (Emtek), the majority owner of the bank, said on Friday that it sold the stakes to units of Singtel and Grab to "accelerate and expand business growth" of Bank Fama.
Growth stocks were having a good day as jobless claims rose more than expected and China's central bank cut interest rates.