Sino United Worldwide Consolidated (SUIC) Stock Continues to Trade Weak: Time To Buy?
The past few days have not been particular great for the Sino United Worldwide Consolidated Ltd (OTCMKTS:SUIC) and over the course of the past week alone, the stock has tanked by as much as 39%. While the decline over the past week may have been alarming, it should be noted that there was an important development yesterday.
It has emerged that Sino United has teamed up with Midas Touch of UK in doing a deal with Suntech, the biggest O2O company located in Taiwan. It is necessary to note in this regard that the collaboration with the United Kingdom company Midas Touch has also been backed with investment of as much as $200 million from the four biggest family investment groups in Taiwan.
Sino United is going to start working with Suntech with regards to its plans to expand the company’s presence and take it to as many as 40 nations by 2023. The global expansion of Suntech is also expected to have a major effect on Sino United as a company considering the fact that it will help in reaching and ultimately helping million of merchants located all over the world. It remains to be seen if the Sino United stock can make a recovery this week.
Market Reaction:
On Wednesday, SUIC stock ended higher by 1.28% at $2.38 with more than 114k shares, compared to its average volume of 211k shares. The stock has moved within a range of $2.1700 – 2.6400 after opening the trade at $2.53. Over the past 52-week, the stock has been trading within a range of $0.2200 – 20.0000.
