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AMTD Digital commences downward descent and posts 64% loss for the week.
$AMTD Digital (HKD.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Magic Empire Global (MEGL.US)$ $Thorney Opportunities Ltd (TOP.AU)$ $TransGlobe Energy Corp (TGL.CA)$
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.
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.
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 dropped by 24.59%, Top Financial Group fell by 28.10%, and Treasure Global Inc 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.
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