AGL 8.61 Increased By ▲ 0.31 (3.73%)
ANL 10.90 Increased By ▲ 0.31 (2.93%)
AVN 80.00 Increased By ▲ 1.40 (1.78%)
BOP 5.55 Increased By ▲ 0.10 (1.83%)
CNERGY 5.42 Decreased By ▼ -0.17 (-3.04%)
EFERT 80.03 Decreased By ▼ -0.22 (-0.27%)
EPCL 71.13 Increased By ▲ 1.53 (2.2%)
FCCL 15.40 Increased By ▲ 0.10 (0.65%)
FFL 6.58 Increased By ▲ 0.05 (0.77%)
FLYNG 7.33 Increased By ▲ 0.15 (2.09%)
GGGL 10.95 Increased By ▲ 0.10 (0.92%)
GGL 17.00 Increased By ▲ 0.21 (1.25%)
GTECH 8.25 Increased By ▲ 0.11 (1.35%)
HUMNL 7.20 Increased By ▲ 0.16 (2.27%)
KEL 3.00 Increased By ▲ 0.01 (0.33%)
LOTCHEM 32.70 Increased By ▲ 1.93 (6.27%)
MLCF 28.80 Decreased By ▼ -0.18 (-0.62%)
OGDC 85.79 Increased By ▲ 3.04 (3.67%)
PAEL 16.91 Decreased By ▼ -0.06 (-0.35%)
PIBTL 6.14 Increased By ▲ 0.06 (0.99%)
PRL 18.09 Decreased By ▼ -0.01 (-0.06%)
SILK 1.18 Increased By ▲ 0.03 (2.61%)
TELE 11.50 Increased By ▲ 0.25 (2.22%)
TPL 9.25 Increased By ▲ 0.05 (0.54%)
TPLP 20.03 Increased By ▲ 0.15 (0.75%)
TREET 26.74 Increased By ▲ 0.28 (1.06%)
TRG 98.00 Increased By ▲ 3.40 (3.59%)
UNITY 19.73 Increased By ▲ 0.23 (1.18%)
WAVES 14.15 Decreased By ▼ -0.19 (-1.32%)
WTL 1.31 Increased By ▲ 0.01 (0.77%)
BR100 4,255 Increased By 68.1 (1.63%)
BR30 15,728 Increased By 254.4 (1.64%)
KSE100 42,700 Increased By 603.9 (1.43%)
KSE30 16,157 Increased By 274 (1.73%)
Markets

GameStop, other ‘meme stocks’ soar as markets eye stimulus boost

  • GameStop was trading 14.5% higher at $282.73 before the bell, on course for a sixth straight session of gains, while shares of cinema operator AMC Entertainment rose 10% and headphones maker Koss Corp soared about 40%.
  • GameStop retains a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%.
Published March 10, 2021

Shares of GameStop surged in early deals on Wednesday, putting the videogame retailer on track for its longest streak of daily gains in six months, while many other "meme stocks" posted double-digit gains.

Market strategists have said tens of billions of dollars of US President Joe Biden's coronavirus relief package could indirectly find their way into shares, possibly boosting "meme stocks" that are heavily promoted by retail traders in online social media forums.

GameStop was trading 14.5% higher at $282.73 before the bell, on course for a sixth straight session of gains, while shares of cinema operator AMC Entertainment rose 10% and headphones maker Koss Corp soared about 40%.

Germany-listed shares of GameStop jumped over 20%, with data from brokerage Lang & Schwarz showing the scrip to be the third-most traded stock by turnover on its platform.

GameStop retains a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%.

That spike triggered a short squeeze that shook hedge funds such as Melvin Capital, which were forced to cover their positions on GameStop.

Comments

Comments are closed.