Why PagSeguro Stock Crashed Today
What goes up must come down — and is PagSeguro (NYSE:PAGS) stock ever coming down fast today!
Shares of the Brazilian fintech stock and digital bank took off like a rocket earlier this month after conservative candidate Flávio Bolsonaro outpolled incumbent President Luiz Inácio Lula da Silva 47.3% to 44.8% in the first round of voting in Brazil’s presidential election. But the second round of voting wrapped up last night, and “Lula” pulled off an upset, winning 51.8% of votes cast to Bolsonaro’s 48.2%.
Investors are upset, and they’re taking it out on every Brazil-related stock they can find. PagSeguro stock is down 26.4% as of 11:20 a.m. ET.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.