Nikada/E+ via Getty Images
Magic Empire Global (NASDAQ:MEGL) stock fell 17% on Monday after rallying late last week along with several other Chinese stocks.
Shares of the financial services provider opened at $2.50, climbing to an early high of $2.56 before sliding to a low of $2.20. The stock recently changed hands at $2.30 at approximately 10:45 a.m. ET. The company did not appear to release any news or make any SEC filings on Monday.
The Hong Kong-based firm’s stock rallied 76% last Thursday and another 20% on Friday as Chinese stocks gained ground amid investor optimism that China’s economy was showing signs of recovery.
Magic Empire shares have been highly volatile since the company went public in early August, raising $20M. The stock hit a 52-week high of $249.94 on Aug. 8 only to shift gears the next day to plunge 90%. The shares reached a 52-week low of $1.20 on Dec. 29.
Fellow Chinese stock Golden Sun Education (NASDAQ:GSUN) also sank Monday, falling 16% to change hands at $1.88 at around 11:00 a.m. ET after opening at $2.06. The edtech’s stock jumped 18% on Thursday and 78% on Friday. Golden Sun also did not appear to put out any news or make any filings on Monday.
For more on Magic Empire, check out Macrotips Trading’s “Magic Empire Global Limited: Lessons from the Ashes.”
Image and article originally from seekingalpha.com. Read the original article here.