'Meme stocks' GameStop, AMC jump in US volatile trading

By Ovunc Kutlu

ANKARA (AA) - Two popular "meme stocks" GameStop and AMC Entertainment soared Thursday as high volatility continues on the US stock exchanges.

US gaming retailer GameStop saw its stock price jumping to $108.05 per share at 10.30 am on the New York Stock Exchange for a daily gain of almost 33% after closing the previous day at $81.33 a share.

American movie theater chain AMC Entertainment's stock price soared to $13.71 per share at 10.25 am for over more than a 32% gain, after ending the previous session at $10.37 a share.

The companies' stock prices later retreated in following hours, but managed to stay in positive territory, trading with 8% daily gain apiece.

Meme stocks, which are based on internet memes shared among retail investors online and social media, became widely popular last year among young investors.

Due to their highly speculative nature, they usually show high levels of volatility, skyrocketing or plummeting in a short period of time.

GameStop and AMC Entertainment saw their shares fluctuating widely as young retail investors coordinated their trading positions on discussion website Reddit forums.