Big investors have been using a plunge in global markets as a chance to snap up technology and other stocks, betting that forced selling by some traders and panic about global growth have thrown up rare bargains.
Investment managers at BlackRock, UBS and Vontobel are among those hunting for cheap stocks after Monday’s sell-off, with Japan’s Topix suffering its worst sell-off since “Black Monday” in October 1987 and Wall Street’s S&P 500 index falling the most since September 2022.
Much of the opportunistic buying has focused on megacap tech stocks, as sharp falls after the open on Monday gave investors a chance to buy into stocks that had been rising for most of this year.
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