Sino-Global Shipping America, Ltd. (NASDAQ:SINO) is the biggest percentage gainer in today’s session with the stock climbing over 77% after it reached a memorandum of understanding (MOU) with King & Sons, which would help the company to assist in expanding its business in South Africa.
As per the agreement, King & Sons would act as an agent and handle the company’s vessels in pre-determined ports in South Africa. On the other hand, Sino-Global Shipping would also handle King & Sons’ vessels which would be unloading in China under the guidance of King & Sons
Both the companies are very optimistic after the agreement and seeing their business growing as they are among the key leaders in handling vessels as an agent.
So far this year, the stock is still up over 26.36%. Now the stock is up 84.52% to $3.10 with more than 643K shares traded hands, compared to its average volume of 20.95K shares. The company has market capitalization of $8.77 million.
The stock has crossed its 50-Day Moving Average and 200-Day Moving Average to $2.19 and $2.56 respectively after today’s sharp gains.
Sino-Global Shipping America, Ltd. Serves as a shipping agency service provider in People’s Republic of China. The Company has offices in the United States in Flushing, New York, Perth, Australia and Hong Kong.
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