Goldman sold US$10.5 billion of stocks in block-trade spree: Bloomberg News

Goldman Sachs Group Inc liquidated US$10.5 billion worth of stocks in block trades as part of a selling spree that erased US$35 billion from the values of stocks of major companies, Bloomberg News reported on Saturday.

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, in New York, U.S., April 17, 2018. REUTERS/Brendan McDermidREUTERS: Goldman Sachs Group Inc liquidated US$10.5 billion worth of stocks in block trades as part of a selling spree that erased US$35 billion from the values of stocks of major companies, Bloomberg News reported on Saturday.

The bank sold US$6.6 billion worth of shares of Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdings Ltd, before the U.S. market opened on Friday, the report said, citing an email to clients seen by Bloomberg News. https://bloom.bg/3lYOrZmFollowing this, Goldman sold US$3.9 billion worth of shares in ViacomCBS Inc, Discovery Inc, Farfetch Ltd, iQIYI Inc and GSX Techedu Inc, according to the report.

Calculations based on Bloomberg data showed that some trades exceeded US$1 billion in individual companies, the report said.Shares in ViacomCBS and Discovery tumbled around 27per cent each on Friday, while U.S.-listed shares of China based Baidu and Tencent Music plunged this week, dropping as much as 33.5per cent and 48.5per cent, respectively, from Tuesday's closing levels.

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