- 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.
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.
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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.
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