PT Telkom Indonesia, iQIYI, Inc., WPP plc and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Markets had an interesting day yesterday; Nasdaq gained 2.59% and closed at 10,478. S&P 500 gained 1.75% and closed at 3,849.28.
Why trading volume matters?
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish yesterday with some communication services stocks recording abnormally high trading volumes. Here's a recap:
Telkom Indonesia | 196% above rolling average
A 4 day downtrend is ongoing for PT Telkom Indonesia. A possible change of direction spotted from yesterday; the government-owned telecoms provider went up to $23.68, gaining 1.11%.
Yesterday's trading volume peaked at 688,358 shares, thereby blitzing the daily average of 350,899 by 196%.
IQIYI | 128% slightly above rolling average
IQIYI hit a significant low of $2 around 2 months ago, but has since recovered 120.9%. The stock has been trending positively for about a month. Currently, China's leading online entertainment service has a market capitalization of $4.55 billion with an average daily trading volume of 20.25 million shares.
Trading volume peaked at 25.84 million shares yesterday, thereby obliterating the daily average of 20.25 million by 128%.
WPP | 140% higher than rolling average
The British ad agency has fallen back around 41.39% from the significant high of $83 set 10 months ago. WPP's market cap currently stands at $10.76 billion with an average daily volume of 109,624 shares.
With 153,575 shares traded yesterday, WPP beat its daily average by 140% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.