Dunxin Financial Holdings Limited (NYSEAMERICAN:DXF) Stock Extends Rally On Business Diversification
China based Dunxin Financial Holdings Limited (NYSEAMERICAN:DXF) has come into significant focus among investors over the course of the past days and that can be easily determined from the price action in its stock.
Market Stats
On Wednesday, DXF stock moved up 8.20% at $1.70 with more than 38.96 million shares, compared to its average volume of 292K shares. The stock has moved within a range of $1.5500 – 1.8900 after opening the trade at $1.78.
Announces Transformation of Business into Metaverse and Block Chain Industry
Yesterday, the stock continued to be in focus among investors after Dunxin made a key announcement and ended the day with gains of 8%. That took its gains over the course of the past week to as much as 23%. On Wednesday the company announced that it was on the verge of transitioning its entire business into the metaverse industry soon.
Considering the present popularity of metaverse, it was an announcement that came as a significant boost to the stock as investors flocked to the Dunxin stock in a big way. However, at the same time, it should be noted that it was not a knee jerk move from the company.
In fact, the announcement regarding the move was only made after the research and development into the whole thing had gone on for more than two years. Dunxin also noted that it was engaged in the recruitment of professionals and in specific projects at this point in time.
Key Quote
CEO of Dunxin Financial, Mr. Ricky Wei commented, “we conducted intensive researching and studying of massive practitioners in block chain, coin and mining industry and communicated with international and domestic institute experts and professionals in last two years. Benefiting from Block Chain technology, 5G6G technologies and upgrade of internet technology, Metaverse is believed to be the largest technology revolution after the waves of the internet technology, whose aim is to break the physical limitation and realization of virtual space-sharing. I believe that the ultimate Metaverse is in connection with both physical world and mathematics world. It will become a part of people’s lifestyle and will rebuild the digital economy system. Metaverse innovatively creates new species by integration of discrete single point and brings potentials and opportunities in long term.
Traders Corner
DXF stock is trading above the 50-Day and 200-Day Moving averages of $1.43 and $1.53 respectively. Moreover, the stock is trading above the 20-Day moving average of $1.48. The stock is up 21% in the past month.
