HKD Stock Forecast: AMTD Digital plummets again as trading volume dries up

NYSE:HKD fell by 47.65% during Tuesday’s trading session.
Hong Kong fintech stocks tumble as the recent rally comes to an end.
AliBaba was granted approval for a primary stock listing in Hong Kong.

Stocks Reporter FXStreet

NYSE:HKD continued to plummet lower as the meteoric gains the stock saw over the past couple weeks are quickly evaporating. On Tuesday, shares of HKD tanked by a further 47.65% and closed the trading session at $212.00. Despite the losses the stock has sustained over the past few days, the stock is still way overvalued with a market capitalization that still tops $39 billion. Stocks continued to reverse course on Tuesday as investors paused ahead of the key July CPI Report that is being delivered on Wednesday morning. The Dow Jones inched lower by 58 basis points, the S&P 500 fell by 0.42%, and the NASDAQ saw a loss of 1.19% during the session.

Stay up to speed with hot stocks' news!

The historic rally could be over for these Hong Kong fintech stocks as trading volume has essentially dried up. AMTD Digital as well as two of its peers in Magic Empire Global Limited (NASDAQ:MEGL), and TOP Financial Group (NASDAQ:TOP) all saw major losses on Tuesday. For AMTD Digital, the stock saw a daily trading volume of only 90,000 shares compared to its recent daily average of more than 900,000 shares per day.

HKD stock price

In other news, tech giant AliBaba (NYSE:BABA) received approval for a primary stock listing in Hong Kong. AliBaba already trades on the Hong Kong stock exchange, but as a secondary listing. These shares will now be converted to primary listed shares, which provides benefits such as being included in a stock connect program with China. AliBaba insists that it will work with the SEC to remain listed in both New York and Hong Kong.

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.