Shares of Sea Limited (SE), a Singapore-based e-commerce, gaming and digital financial services company, are adding more than 2 percent or $4.79 in Wednesday's morning trade at $236.43, after hitting a new 52-week high of $238.01 despite no company-centric news.
U.S. stocks are rising on Wednesday for a second day, reflecting a positive reaction to the latest corporate earnings results and continued optimism about more fiscal stimulus. Investors are also likely to keep an eye on developments in Washington as former Vice President Joe Biden is sworn in as the 46th President of the United States.
Bloomberg reported last week, citing people familiar with the matter, that Sea has acquired Indonesia's PT Bank Kasejahteraan Ekonomi, or Bank BKE. The acquisition will enable Sea to grow its financial technology and services across the Southeast Asian region.
Sea has traded in a range of $35.61 to $238.01 in the past 52 weeks.
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