Indonesian payment gateway and ecommerce firm KinerjaPay Corp (OTCMKTS:KPAY) was in focus among investors yesterday and managed to clock gains of as much as 20% as investors piled on to the stock in a big way.
However, it is also necessary to keep in mind that there was no news about the company yesterday. In this situation, it is imperative for investors to take a look at some of the events from the past and get a better idée about KinerjaPay. Back in May, the company announced that it got the payment in relation to the first shipment of steam coal that it had sent to China.
KinerjaPay received a total of IDR 22.62 billion from the shipment. At the time the company announced that it intended to pay the contractors and suppliers, who had facilitated the shipment, soon after.
In addition to that, estimates suggest that after all payments are made by the company, KinerjaPay clocked total earnings of IDR 2.47 billion from the whole thing. However, that is not all. It had also been suggested back in May that the company was working on loading another ship for steam coal that was going to be sent off to Chine.
Market Reaction:
On Tuesday, KPAY stock gained by 20.50% to $0.0053 with more than 69.90 million shares, compared to its average volume of 99.47 million shares. The stock has moved within a range of $0.0041 – 0.0054 after opening the trade at $0.0045. Over the past 52-week, the stock has been trading within a range of $0.0003 – 0.0220.
 Stock is In Focus: Will The Momentum Continue?){kind=link}