Shares of AMTD Digital Inc. HKD,
blasted 241.4% higher in very volatile afternoon trading Wednesday, putting them on track to snap an eight-day losing streak, even as the Hong Kong-based didn’t release any news. The stock has been halted 11 times for volatility since Wednesday’s open, as trading volume swelled to about 892,800 shares, compared with the full-day average over the past 30 days of just 37,440 shares. The rally comes after the stock plunged 61.6% over the past eight days, and 75.1% during a 14-day stretch in which it closed down 13 times, to close Tuesday at a two-month low. The last news release from the company was Aug. 30, when it appointed two new independent directors to its board. The company became well know to investors in late-July/early-August following a meteoric rally that took the stock up more than 8,000% in eight days, despite no news of consequence. The stock went public on July 15. Despite Wednesday’s rally, the stock was still down 18.3% over the past month, while the iShares China Large-Cap ETF FXI,
has shed 6.0% and the S&P 500 SPX,
has slipped 4.0%.