Sino-Global Shipping America, Ltd. (NASDAQ: SINO)
Sino-Global Shipping was off to a relatively normal start in the market today. In fact, the stock was in the red at the opening bell. However, we started to see slow and steady upward movement, and at this point, the gains have grown to be relatively large. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to SINO ahead.
What We’re Seeing From SINO
As mentioned above, Sino-Global Shipping was off to a relatively normal start in the market today. After starting the day off in the red, the stock slowly climbed, making its way to the green. Once it crossed the line, the momentum started gaining, and soon enough, large gains were seen. At the moment (12:33), SINO is trading at $4.56 per share after a gain of $0.73 per share (19.06%) thus far today.
Why The Stock Is Edging Up
The truth is that the shipping sector as a whole has been on a wild ride. Recently, on news of gains in the Baltic Dry Index and the fact that Donald Trump won the election, shipping stocks (including SINO) rallied. In fact, some gained over 1,000% in a matter of days.
Nonetheless, more recently, shipping stocks have gone through a correction. In fact, this correction has brought Sino-Global Shipping and several others in the sector back down to levels close to where they were before the rally started.
However, while declines were justified, declines bringing SINO back to the starting point were not. At the end of the day, conditions are getting better for the shipping industry. If Donald Trump makes good on his promises, they will only continue on this path. I believe that investors are realizing that, and this is causing the stock to climb.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on the Baltic Dry Index and Donald Trump’s early moves as he transitions into the White House. At the end of the day, these stories will likely lead to big gains or losses in the shipping sector ahead. We’ll keep an eye on the news and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]