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Friday, December 2, 2022

Long Hau shares face sanctions over late report release

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) has decided to restrict Long Hau Corporation from trading its LHG shares on the southern bourse from October 24, as the company remains sluggish in submitting its 2022 reviewed semi-annual financial report.

HOSE had repeatedly urged the industrial park developer to submit the report. On September 8, HOSE announced that it put LHG on a list of stocks ineligible for margin trading as the firm missed the deadline to submit the report.

In the first half of this year, Long Hau saw its revenue declining nearly 48% and after-tax profit plunging over 64% against the same period last year at VND347.7 billion and VND89.5 billion, respectively.

The company targets VND781 billion in revenue and VND110.9 billion in after-tax profit for 2022.

LHG finished today’s trading session, October 18, down 4.61% over the session earlier at VND20,700.

The benchmark VN-Index on the HOSE added 12.08 points, or 1.15%, against the previous session at 1,063.36, with 306 winners and 144 losers.

Trade on the southern bourse improved 3% in volume and 6% in value compared to Monday at over 514 million shares and more than VND10.1 trillion. Shares transacted in put-through deals accounted for around VND1 trillion.

Many bluechips contributed to the stable increase of the main index. Real estate developer VIC and retailer VRE jumped 4.3% and 3.6%, respectively. Consumer goods producer MSN expanded 3.8% while dairy firm VNM improved 3.2%. Other bluechips such as CTG, ACB, VHM and KDH rose over 2% each.

Among small and medium stocks, especially those in the real estate sector, many of them hit their upper limits, including DIG, LDG, BII, FID and CII.

Securities stocks were the top cash magnets, with VND and SSI seeing 20.87 million shares and 18.79 million shares changing hands, respectively.

On the Hanoi exchange, the HNX-Index gained 2.66 points, or 1.17%, day-on-day at 229.12, with advancers outnumbering decliners by 138 to 57. Around 68 million shares valued at VND1.2 trillion were traded on the Hanoi market, surging 60% in volume and 54% in value against yesterday.

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