Sometimes it may so happen that a stock may continue to add to its gains despite there being no material news about the underlying company or the associated industry. It is not particularly rare either and such a thing has been seen in the SEATech Ventures Corp (OTCMKTS:SEAV) stock in recent days.
Trading Data
On Tuesday, SEAV stock soared 22.30% to $1.70 with more than 899 shares, compared to its average volume of 3.07k shares. The stock has moved within a range of $1.5500 – 1.7000 after opening trade at $1.55.
International Telecommunications Union (ITU-R) Membership Approval Of Incubatee Angkasa-X
The trend continued on Tuesday as the stock climbed by 22% and thereby took the gains made by the SEATech stock to as much as 36% for the past week. In this situation, many investors might thing that the rally has possibly been brought about through speculation.
Hence, it may be a good move to take a look at events from the past in order to have some idea about SEATech. Back on November 11 last year, the company had come into focus after it announced that one of its incubated companies Angkasa-X had been successful in gaining membership to the prestigious International Telecommunications Union.
It was a major development for the company at the time. However, investors also need to keep in mind that it perhaps had no bearing on the rally in the SEATech stock in the past week.
Key Quote
CEO of SEATech Ventures Mr Chin said, “The ITU-R membership approval is a crucial and momentous landmark along Angkasa-X’s journey to become a SpaceTech Unicorn from the South East Asia region, and their process of public listing on the U.S. stock exchange capital markets through an Initial Public Offering (IPO). Not only is this an immense achievement for both Angkasa-X and SEATech Ventures, we also feel a great sense of pride knowing that Angkasa-X’s vision aligns perfectly with the United Nations Social Development Goal (SDG) of providing satellite connectivity to the 670 million strong South East Asian population to improve standards of living.”
