Bad news sends NVL tumbling

10-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

A property enterprise, encountered heavy selling pressure today, January 8, following a decision by the HCM City government to discontinue the development of its projects in the city, which together with some other sliding property stocks dragged the southern bourse.

The local government had put on hold the process of changing the land use purpose of seven land lots in prime locations in Phu Nhuan District with a combined area of nearly 50,000 square meters, where commercial and housing projects have either been completed or neared completion.

All of the land lots have been used to develop complexes for commercial and service facilities, offices, officetels and apartments by subsidiaries of NVL. According to the city authorities, the move is aimed at reviewing the legality of these projects.

NVL plunged to the floor price of VND57,700 on matching volume of around two million shares. Other stocks in the VN30 basket also decreased, in which infrastructure developer CII fell 3.7 percent at VND24,500 and steel maker HPG dipped 1.7 percent at VND28,800.

The VN Index of the Hochiminh Stock Exchange lost after two consecutive sessions of rising, sliding 2.2 points, or 0.25 percent, against the previous session at 887.44. Trading volume on the southern market dropped 11.5 percent versus Monday at 112.8 million shares while value inched up a mere 3 percent at around VND2.68 trillion.

Among large caps, GAS, a leading fuel group, turned the top advancer as it gained 2.3 percent at VND88,300. Consumer goods producer MSN added 1 percent at VND79,000 while lender VCB rose a slight 0.7 percent at VND55,000.

For speculative stocks, seafood producers ASM and HVG bucked the trend for going up to the ceiling prices on high turnover. Property firm FLC turned the volume leader on the southern exchange with over 6.6 million shares changing hands, climbing 4.1 percent at VND5,340.

Meanwhile, SJF, which is active in the food and agriculture sector, plunged to the floor price for the fifth session running, closing at VND6,040 on volume of nearly 550,000 shares. The firm has declined or moved sideways for the last 16 sessions.

The HNX-Index of the Hanoi Stock Exchange dipped 0.65 percent at 101.27, with trading value slumping to just VND287.7 billion given the lack of huge block deals. Heavyweights were blamed for the decline, in which lender ACB fell 0.3 percent at VND28,600.

Its fellow bank SHB reported high matching volume of 1.68 million shares but it dropped 2.8 percent at VND7,000. PVS, a petroleum technical service company, again led the market for liquidity with 2.6 million shares traded, adding 0.5 percent at VND17,900.

https://english.thesaigontimes.vn/65425/bad-news-sends-nvl-tumbling.html

 


Category: Stocks, Vietnam

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