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Tuesday, May 17, 2022

Digiworld stock plunges to floor price for third straight session

The Saigon Times

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HCMC – Digiworld’s DGW stock tumbled to its floor price for the third straight session today, January 24, after Synnex FPT signed a deal with Xiaomi to distribute products of the Chinese tech company in the local market.

After the signing on January 19, Synnex FPT became the second distributor of Xiaomi in Vietnam.

The Hochiminh Stock Exchange saw DGW continue to plunge to VND88,800 per share today. DGW has slipped 28% in the past six trading sessions.

Digiworld’s sales of Xiaomi products amounted to VND7.2 trillion in 2021, accounting for nearly 35% of the firm’s total revenue, according to Digiworld.

The firm’s business performance might be affected as it is no longer the exclusive distributor of Xiaomi, the local media reported.

However, Digiworld Chairman Doan Hong Viet said that the firm had targeted an increase of at least 10% in revenue from Xiaomi products sales in 2022.

Despite its new business rival for the Xiaomi distribution, Digiworld will still have its own motivation and strategy for growth in 2022, Viet said, adding that the firm will diversify suppliers and will not depend on a single brand to move towards a sustainable development.

Closing the session, the VN-Index of the southern bourse lost 33.18 points, or 2.25%, from the session earlier, at 1,439.71, due to strong selling pressure. The number of decliners outstripped that of gainers by 419 to 66.

Trade volume totaled over 811.3 million shares worth VND23 trillion changing hands, up 2% in volume and 7.8% in value against the previous session. Block deals contributed VND1.3 trillion to the total value.

On the Hanoi Stock Exchange, the poor performance of many bluechips dragged the HNX-Index down 17.08 points, or 4.09%, over the session earlier, with 46 winners and 195 losers.

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