Indonesia based payment gateway and e-commerce firm KinerjaPay Corp (OTCMKTS:KPAY) has seen its stock get into a downward trend in recent days. On Thursday, the stock suffered from a selloff and went down by 21% to takes its losses for the week so far to 32%.
While the losses made by the stock have been considerable, it is also necessary to point out that there has been no news about the company this week. As a matter of fact, the last major news with regards to the company had emerged back on June 25. The company recently got into the commodity and mineral trading space.
KinerjaPay reported back on June 25 that it was in the process of making preparations with regards to the shipment schedule for sending steam coal to China. The company started making the preparations after it was given the payment guarantee through a letter of credit from the client’s bank.
The letter of credit was worth $650000. At the time, KinerjaPay was working with miners to load its ships with the steam coal. It is unlikely that this development had an effect on the stock this week but at the same time it is something that investors ought to keep in mind.
Market Reaction:
On Thursday, KPAY stock slumped 21.21% at $0.0026 with more than 141.86 million shares, compared to its average volume of 108.40 million shares. The stock had moved within a range of $0.0020 – 0.0031 after opening the trade at $0.0031. Over the past 52-week, the stock has been trading within a range of $0.0005 – 0.0220.
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