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Friday, February 3, 2023

GAB shares under watch due to poor liquidity

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) has decided to move the stock of FLC Mining Investment & Asset Management JSC (GAB) from the warning list to the list of stocks under watch, with effect from January 5, 2023.

According to HOSE, GAB has seen no transactions since the end of March this year and thus must be put under supervision in line with the prevailing regulations of the Vietnam Stock Exchange.

Previously, when its share price was booming in 2020, more than 100,000 GAB shares were traded on average in each session. GAB used to skyrocket from VND15,000 in early 2020 to nearly VND180,000 in October 2020.

The local stock market turned gloomy today, December 29, with market liquidity ebbing due to cautious investor sentiment.

The VN-Index on the HOSE shed 6.37 points, or 0.63% from the session earlier at 1,009.29, with 147 stocks rising and 237 others falling.

Trading on the southern bourse contracted nearly 22% in volume and 23% in value at more than 462 million shares and close to VND8.2 trillion. Shares traded in block deals accounted for some VND2.3 trillion.

Among bluechips, lender VCB and consumer goods producer MSN rose around 1% each, while housing developer VHM and realty firm VIC gained 0.1% each. Property developer KDH was the biggest advancer as it soared 3.3%, while lender BID was the poorest performer in the group as it declined 4.5%.

As for liquidity in this group, property developer NVL took the lead with 21.57 million shares changing hands. Lender VPB reported a matching volume of 20.1 million shares, and steelmaker HPG saw 17.4 million shares transacted. These three were also the most actively traded stocks on the southern bourse.

Many securities stocks faced strong selling, with CTS plunging 6.6%, HCMC sliding 4.4%, and VND falling 4.3%.

On the northern bourse, the HNX-Index added 0.49 points, or 0.24% against the previous session at 206.54, with 67 winners and 86 losers.

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