TOKYO (REUTERS) – SoftBank Group shares slid 6 per cent in early trading on Thursday (May 13) after the conglomerate declined to extend its buyback programme, removing support for the stock as concern over frothy portfolio valuations outweighed record earnings.

SoftBank completed its 2.5 trillion yen (S$30.4 billion) buyback on Wednesday with chief executive Masayoshi Son declining to extend the repurchases while saying they remain an option.

SoftBank reported record profit following the listing of e-commerce firm Coupang, but shares of listed investments including that firm and Doordash have since been caught in a tech selloff, and top asset Alibaba Group Holding Ltd by a regulatory crackdown.

“Without the buyback, SoftBank’s stock price is likely to reflect the performance of its listed investments,” Jefferies analyst Atul Goyal wrote in a client note, adding he was “extremely surprised” SoftBank did not extend the programme.