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Thursday, June 13, 2024

VIX set to acquire 15 million GEX shares

The Saigon Times

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HCMC – VIX Securities JSC has registered to buy 15 million shares of Gelex Group JSC, which trades its GEX shares on the Hochiminh Stock Exchange, to raise its ownership in the latter to 3.52%.

The securities firm, whose shares are traded on the HCMC bourse under the code VIX, will spend over VND215 billion on the share purchase between December 23, 2022 and January 20 next year.

From June 24 to July 22, VIX bought 15 million GEX shares to hold a 1.76% stake in GEX, the local media reported.

On November 29, fund manager Dragon Capital acquired nearly 5.2 million GEX shares to increase its stake in Gelex to 5.34%, making the former one of GEX’s major shareholders.

On December 5, Dragon Capital purchased an additional three million GEX shares to raise its ownership in the latter to 6.03%.

Between January and September, GEX obtained over VND24.7 trillion in net revenue and VND1.8 trillion in pre-tax profit, up 29% and 25% year-on-year, respectively.

At the close today, December 21, GEX plunged to its floor price with a matching volume of over 22.6 million shares, while VIX faced the same fate to end down, extending its falling streak for a second straight session.

On the HCMC exchange, the VN-Index maintained its downward spiral to close down 4.25 points, or 0.42%, against the session earlier, at 1,018.88, with 119 gainers and 298 losers. Over 857 million shares worth VND14.4 trillion changed hands, down nearly 20% in volume and 17% in value from the previous session.

Strong gains of some large-cap stocks saved the main index from a deep fall. Lender STB expanded 4.9%, while dairy firm VNM and brewery company SAB were in positive territory.

Many other big-cap stocks such as gas firm GAS, realty stock VIC and lender VCB fell into negative territory.

Securities firm VND lost, but took the lead by liquidity with over 37 million shares changing hands.

Under the selling pressure, many large-cap stocks on the Hanoi exchange lost steam, dragging the HNX-Index down 3.07 points, or 1.48%, from the session earlier, at 204.46, with 50 advancers and 118 decliners.

Construction firm CEO and securities company APS plunged to their floor prices at the close. Securities firm SHS became the most actively traded stock on bourse with a matching volume of 22.2 million shares, but finished down 4.2%.

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