Why Society Pass Stock Soared 53% on Wednesday

Shares of Society Pass (NASDAQ: SOPA) surged 53.4% on Wednesday, according to data from S&P Global Market Intelligence. This brings the three-day gain for the stock of the Southeast Asia-focused e-commerce company to a whopping 360%. The catalyst is the stock's addition to a major U.S. stock index.

Society Pass (also known as SoPa) is surely a new name to many investors, as it just held its initial public offering (IPO) on Nov. 9. Since the stock's IPO at $9 per share, it's up 81% through Dec. 22, though its closing price of $16.31 on this day is still considerably off its all-time high of nearly $52 per share, reached on Nov. 15.

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Source Fool.com