HCMC – The Hochiminh Stock Exchange (HOSE) has announced the compulsory delisting of AMD and GAB, which are the final two stocks related to FLC Group on the stock market.
The stocks, belonging to FLC Stone Mining And Investment JSC (AMD) and FLC Mining Investment & Asset Management Joint Stock Company (GAB), were already suspended from trading and placed under special watch.
This is a disciplinary measure taken by the exchange due to the companies’ delays in submitting their 2022 semi-annual earnings report for over six months and the audited 2022 annual income statement over 30 days after the deadline.
Similar to the cases of FLC and ROS, which are another two FLC-related stocks, the HOSE has said that this decision aims to protect the rights of investors and ensures compliance with law.
FLC Group has five related stocks listed on the southern stock exchange, namely AMD, GAB, ROS, HAI and FLC, all of which have faced compulsory delisting due to violations of information disclosure rules.
Prior to its delisting, GAB, one of the priciest shares on the HCMC market with a price of VND200,000 per share, lost its liquidity last April after FLC Group’s then-chairman Trinh Van Quyet was arrested for stock market manipulation.
Meanwhile, the price of AMD shares plunged to VND1,110 per share due to sell-offs.
Although the HOSE has delisted AMD and GAB for failure to disclose information as required, the firm is still a public company, so it must trade its shares on the Unlisted Public Company Market (UPCoM) as prescribed by Article 133 of Government Decree 155.
However, FLC-related stocks still faced trading restrictions on the UPCoM market slapped by the Hanoi Stock Exchange due to their failure to disclose information as required.
At the time of announcement, GAB was priced at VND196,400 per share, and AMD at VND1,110.
The benchmark VN-Index of the HOSE ended higher today, June 28, with a gain of 4.02 points from Tuesday at 1,138.35 points, extending its winning streak to the seventh session, with 201 winners and 228 losers.
Trade on the southern bourse improved 23.5% in volume and 22.1% in value against the previous session, with 892.1 million shares worth over VND17.9 trillion changing hands. Block deals contributed more than VND2.9 trillion to the overall value, with nearly 119.3 million shares traded.
In the VN30 basket, 16 stocks advanced, while 13 others fell but most of them dropped slightly by 0.1-1.5%.
Housing developer NVL was the biggest advancer in the basket, rising 4%, and saw the most shares matched in the VN30 basket and the southern bourse as a whole, at around 70.8 million shares.
BID, VCB, and HPG were the biggest contributors with a combined 3.85 points.
HPG rose 3.1% and was the second most actively traded stock on the market with 30.3 million shares matched. Steelmakers HSG and NKG also reported good liquidity with a trading volume of around 13.7 million and 10.9 million shares.
Many bank stocks edged up between 1% and over 2%, including TCB, STB, MSB, SHB VCB, BID and CTG.
Strong selling pressure sent securities stocks below reference prices, including VND, SSI, AGR, BSI, CTS, and FTS. VND inched down 0.5% and reported a matching volume of 28.4 million shares, making it the third most actively traded stock on bourse.
On the Hanoi Stock Exchange, decliners nearly doubled advancers by 111 to 68, driving the HNX-Index down 0.57 points to 230.25 points.
There were 77.8 million shares valued at nearly VND1.3 trillion changing hands on the northern market.