- 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.
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.
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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.
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