HKD Stock Forecast: AMTD Digital commences downward descent and posts 64% loss for the week

NYSE: HKD fell by 9.65% during Friday’s trading session.
Asian financial IPO’s tumble to close the week as investors take profits.
Some believe AMTD Digital’s surge was due to mistaken ticker symbols.

Stocks Reporter FXStreet

NYSE: HKD finished off a wild week of trading as the Hong Kong-based fintech company posted a 64% loss over the past five days. On Friday, shares of HKD tumbled by 9.65% and closed the trading week at $192.27. All three major indices closed the week in the green as the S&P 500 and the NASDAQ both rose higher for the fourth consecutive week. Overall on Friday, the Dow Jones gained 424 basis points, while the S&P 500 and the NASDAQ rose by 1.73% and 2.09% respectively during the session.

Stay up to speed with hot stocks' news!

The recent wave of Asian-based financial IPO stocks that went parabolic might be coming to an inevitable end. On Friday, all of the recent meteoric risers tumbled lower as investors likely began to take their profits off the table. In addition to AMTD Digital’s fall, Magic Empire Global Limited (NASDAQ: MEGL) dropped by 24.59%, Top Financial Group (NASDAQ: TOP) fell by 28.10%, and Treasure Global Inc (NASDAQ:TGL) plummeted by 52.86% during its second day of trading. It seems unlikely that any of these stocks will return to their previous highs, although as we all now know, anything is possible.

HKD stock price

Some analysts have wondered if AMTD Digital's sudden surge was all a mistake. Some are attributing the rise to its similarity to the ticker symbol for semiconductor company AMD (NASDAQ:AMD). While this wouldn’t be the first time it happened, it seems unlikely that the same errors were then made for MEGL, TGL, and TOP as well.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD struggles aroound 1.1800 as USD stabilizes

EUR/USD stays defensive around 1.1800 in the European session on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony fails to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.