Hongkong based financial technology solutions provider AMTD Digital (NYSE:HKD) is seeing major share price action. While there has been no major news or regulatory filing about the company, trading volumes remain elevated.
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For context, over the last 10 days, the stock has seen an average trade volume of about 6.3 million while in the last three months, the figure has hovered at about 1.5 million. These higher volumes have been seen accompanied by wild price gyrations.
HKD shares rose from $9.66 on January 4 to $33.45 on January 5. Since then, the stock corrected to about $22.94 last week and today is up about 16% in the pre-market session already.
With no discernable company-specific development in sight, this rise could be attributed to the shot in the arm Chinese stocks have received after the country began emerging out of the strict Zero Covid policy.
Major Chinese names including Alibaba (BABA) (Jack Ma is ceding control), Pinduoduo (PDD), and NIO (NIO) are also up 4.4%, 2.6%, and 1.5% in the pre-market trade today already.
The Direxion Daily FTSE China Bull 3x Shares ETF (YINN) has put on about 28% gains already over the past month.
Related tickers:
- JD.Com ( JD)
- Baidu (BIDU)
- XPeng (XPEV)
- Li Auto (LI)
- Direxion Daily CSI 300 China A Share Bull 2x Shares ETF (CHAU)
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