HCMC – Development Investment Construction Joint Stock Corporation (HOSE: DIG) plans to repurchase up to 5% of its outstanding shares after its stock dropped 43.1% from its recent peak.
The company’s board of directors approved a policy to buy back shares equivalent to a maximum of 5% of total common shares at the time of implementation. The move aims to reduce charter capital and increase benefits for existing shareholders.
The repurchase would be funded using undistributed after-tax profits and other lawful sources. The board assigned its chairman to prepare a detailed plan and submit it to the nearest general meeting of shareholders for approval.
Closing the trading session today, March 6, DIG edged down 1.45% to VND13,550, with a matching volume of over 7.9 million shares.
The VN-Index plunged 40.67 points, or 2.25%, to close at 1,767.84 on Friday as widespread losses in large-cap stocks weighed on the market.
On the Hochiminh Stock Exchange (HOSE), 88 stocks gained while 237 others declined. Trading volume reached more than 1.03 billion shares worth VND33.65 trillion, down nearly 9% in volume and 5% in value from the previous session. Block deals accounted for more than 78.2 million shares valued at over VND3.78 trillion.
For the week, the benchmark index lost 112.49 points, or 5.98%, amid the impact of tensions in the Middle East.
Blue-chip stocks led the decline on Friday. GVR dropped to its floor price of VND37,750. GAS lost 6.4% to VND112,100, while SSI fell 6% to VND31,500 with more than 70.6 million shares traded.
VIC, the market’s largest-cap stock, declined 5% to VND156,500, taking away over 13 points from the VN-Index.
Other large-cap stocks, including TCB, MSN, VRE, MWG, FPT and PLX, fell between 2% and more than 4%, piling pressure on the benchmark index.
Among gainers, DGC rose 3% to VND73,100. VPL gained 1.6% to VND76,700. SHB increased 1% to VND15,400 and recorded the highest trading volume on HOSE with more than 73.8 million shares traded.
Losses were also recorded across several sectors, including securities, chemicals, transportation and oil and gas.
In the securities sector, AGR and TCX hit their daily lower limits, closing at VND15,750 and VND55,800. FTS fell 6.7% to VND29,800, VDS dropped 6.6% to VND16,950, and VCI declined 6.2% to VND38,000. Other brokerage stocks slid between 3% and more than 5%.
VIX bucked the trend, rising 2% to VND17,650 with nearly 42 million shares traded.
Some transportation and oil and gas stocks gained. PVT surged to its ceiling price of VND30,700 with more than 24.7 million shares traded. GSP increased 4.7% to VND13,500, while BSR advanced 4.1% to VND37,050.
On the Hanoi Stock Exchange, the HNX-Index fell 3.95 points, or 1.53%, to close at 253.64 points. The exchange recorded 48 gainers and 104 decliners, with trading volume reaching more than 105.2 million shares valued at VND2.49 trillion.
