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Indian and ASEAN tech stocks crater as U.S. rate hikes loom

Investors wake up to losses, likely dampening IPO boom

Shares of Grab, a Singapore-based superapp, have been falling after they plunged 21% in their Dec. 2 debut.

SINGAPORE/MUMBAI -- Anticipated rate hikes by the U.S. Federal Reserve this year have sent the stocks of Indian and Southeast Asian tech companies lower as investors start to reassess their portfolios.

Investors had been snapping up tech company stocks, betting on future growth. But with bonds offering better returns now, they have become less receptive to the huge losses those companies have been racking up. The pressure on tech stock prices could also cast a pall over upcoming blockbuster initial public offerings this year.

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