By Reuters Staff
2 Min Read
FILE PHOTO: Vlad Tenev, co-founder and co-CEO of investing app Robinhood, speaks during the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 10, 2016. REUTERS/Brendan McDermid
SINGAPORE (Reuters) - Online broker Robinhood restricted trade in about 13 highly volatile stocks such as GameStop and AMC Entertainment to protect the company and its customers, Chief Executive Vladimir Tenev said on Thursday.
The app, popular with young investors for its simplicity, has been at the heart of the day-trading mania that has followed calls on social media to buy stocks heavily shorted by hedge funds. The restrictions allowed customers to sell but not buy.
GameStop and AMC Entertainment Holdings remained overwhelmingly favored stocks on Reddit's top trading forum on Thursday, even as they and other companies at the core of a retail trader frenzy plummeted after online brokerages imposed trading restrictions.
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HONG KONG, Jan 29 (Reuters) - China’s Kuaishou Technology priced its Hong Kong IPO at the top of the range to raise $5.4 billion, three sources said, as retail investors swarmed the offering, depositing more than $60 billion in a bid to secure a small slice of the stock.
The huge demand for the online video site from retail investors comes amid growing fears about an asset bubble, with amateur investors boosting the price of assets ranging from cryptocurrencies to new stock market listings.
Those concerns, triggered by a sharp surge in U.S. videogame retailer GameStop and a few other stocks, have led some brokerages globally to raise margin requirements or stop offering leverage for buying securities.
Online broker Robinhood has been one of the hottest venues in this week's retail-trading frenzy but its sudden curbs on buying of some hot stocks have raised the ire of customers, celebrities and politicians who argue it unfairly benefits bigger investors.
A slugfest between Wall Street and Main Street took an unexpected turn late on Wednesday after moderators of a stock trading forum that has helped fuel massive rallies in the shares of GameStop temporarily closed its doors.