- NYSE:HKD gained 2.64% during Wednesday’s trading session.
- Magic Empire Global Limited tumbles as trading volume surges for the stock.
- Investors are clinging to these Hong Kong IPO stocks through volatile trading.
NYSE:HKD halted its losing streak on Wednesday as the Hong Kong-based fintech company posted a surprise gain. Shares of HKD managed to close higher by 2.64% and finished the trading day at $217.60. Bear market rally or market showing strength? The July CPI Report came in better than expected with inflation reading a year over year rise of 8.5% compared to the 8.7% projected by Wall Street. All three major indices surged higher throughout the day, with the Dow Jones adding 535 basis points, while the S&P 500 and the NASDAQ rose by 2.13% and 2.89% respectively during the session.
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Another Hong Kong-based stock that has been caught up in the recent squeeze is Magic Empire Global Limited (NASDAQ:MEGL). The stock IPO’d at $4.00 recently and surged up to an all-time high of nearly $250.00 in a matter of days. The meteoric gains made the founders of the company overnight billionaires, and meme stock investors are still chasing gains even though the stock closed Wednesday at just $12.30. Trading volume came in at over 16.3 million shares compared to the recent daily average of just 3.6 million shares.
HKD stock price
The higher trading volume shows that investors continue to look to both HKD and MEGL as trading opportunities. But who is buying HKD at $217 per share with trailing twelve months revenue of just $25 million? These stocks have shown the power of social media and traders looking for a quick profit from a squeeze. Expect more volatility over the coming weeks as AMTD Digital still has a ways to fall.
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