Reported about 1 year ago
Shares of Inversiones Portuarias Chancay SAA, a minority owner of a new port project in Peru, have skyrocketed by 400% in less than a month despite the project not generating revenue yet. Marketed as a meme stock, the company's surge in shares is mainly fueled by retail investors' interest, inspired by its Chinese ownership and US government criticism. While creating excitement in Peru's stock market akin to meme stock trends in the US, doubts over the company's financial health have also surfaced, urging caution among traders.
Source: YAHOO