June 27, 2014 (Chinavestor) China's online marketplace company, 58.com Inc. (NYSE:WUBA), surged $6.33 or 13.8% on Thursday. Trading volume topped 4 million shares, four times over average. Besides WUBA, all three major Chinese oil companies advanced substantially with CNOOC Ltd. (NYSE:CEO) taking the lead. Ctrip.com Int. (NASDAQ:CTRP) and NetEase Inc. (NASDAQ:NTES) advanced more than a dollar each. This is quite an accomplishment given that industry leader Baidu Inc. (NASDAQ:BIDU) fell relatively hard for the day.
The over $5 advance for 58.com Inc. (NYSE:WUBA) stands out for the day. See most volatile major Chinese ADRs on June 26, 2014.
When it comes to WUBA, the $6.33 advance is the best for the last 52 weeks! We went back in history and found three instances when WUBA surged more than $5 for a day.Then we looked at how the stock did the following day. Twice continued the advance and once is gave back some of the gains. Good news is that when WUBA advanced, it advanced more than $3 for the day. When it declined, it fell just $1.26 after a $5.17 surge a day before. All told, chances are that WUBA will do well today, if history is any guide for future price prediction.
58.com Inc. (NYSE:WUBA) big jump and next day price change