After a streak of six consecutive losing sessions, QCG shares of Quoc Cuong Gia Lai JSC successfully broke their losing streak on July 29, surging 6.95% to VND6,770 per share, with trading volume surging to over 7.5 million units.
And the rally continued.
At the close of the July 30 session, QCG shares stood at VND7,240 per share, up 6.94% from the previous session, with trading volume at 757,000 units – a sharp decline to just one-tenth of the previous session.
Prior to this, QCG shares of Quoc Cuong Gia Lai had fallen for six consecutive sessions from July 19-26, following the arrest and detention of CEO Nguyen Thi Nhu Loan on July 19 on charges of “violating regulations on the management and use of state assets, causing loss and waste.”
Loan is accused of legal violations in the transfer of the project at 39-39B Ben Van Don, Ward 12, District 4, Ho Chi Minh City.
This incident occurred amid an expanded investigation by authorities into irregularities at the Vietnam Rubber Industry Group (GVR), Dong Nai Rubber Company, Ba Ria Rubber Company, the Ministry of Natural Resources and Environment, and related units. This includes irregularities in the 39-39B Ben Van Don project (over 6,000sq.m, with state-owned origin).
Regarding the aforementioned “golden land” project at 39-39B Ben Van Don, this is the site of The Tresor project, developed by Novaland.
QCG shares posted two consecutive ceiling prices, with the market price rising nearly 14% but still at the lowest level in the past year. (Source: cafef.vn)
Recently, after five consecutive losing sessions, the Ho Chi Minh City Stock Exchange (HoSE) requested Quoc Cuong Gia Lai to explain why its share price fell for five consecutive sessions from July 19 to 25.
In another development, on July 26, the 21st change to the Enterprise Registration Certificate was announced.
Accordingly, Nguyen Quoc Cuong (aka Cuong Dollar) officially became the legal representative of the enterprise, replacing Nguyen Thi Nhu Loan.
In addition to replacing his mother as the legal representative, Quoc Cuong Gia Lai’s CEO Nguyen Quoc Cuong has also been nominated to the company’s board of directors. The appointment will be considered by shareholders at the annual general meeting to be held on July 30.
Thus, after two consecutive ceiling prices, QCG shares have risen nearly 14% in market price. However, the stock is still at its lowest level in the past year.
After two consecutive gaining sessions, the stock market corrected today (July 30), despite a significant improvement in liquidity.
At the close of the July 30 session, the VN-Index fell 1.54 points to 1,245.06. The HNX-Index lost 1.65 points to 235.87. Similarly, the UPCoM-Index shed 0.22 points to 95.24.
Red dominated the market, with the number of falling stocks doubling the number of rising ones in the July 30 session.
Liquidity in the stock market today continued to improve, with total trading value on the entire market exceeding VND15,700 billion. On the HoSE floor alone, liquidity reached over VND13,700 billion.
The cash flow of investors was overwhelmed by selling pressure, with red dominating most industry groups.
Real estate and banking stocks continued to have the strongest impact on the market. While stocks in these two groups were mixed, with gainers and losers interspersed.
Up 1.44% to VND42,200, shares of Vingroup (VIC) led the pack in pushing up the VN-Index. This was followed by MBB, MWG, TCB, VPB, VCB, VNM, HVN, MSN, and NVL.
On the other side, down 1.08% to VND36,700, Vinhomes (VHM) shares led the pack in dragging down the VN-Index. This was followed by BID, FPT, GVR, PLX, LPB, VIB, CTG, PDR, and REE.
Today, foreign investors net sold over VND300 billion on the HoSE, with HVN of Vietnam Airlines being the largest net sell with a value of VND40.19 billion. This was followed by HAH (VND35.91 billion), POW (VND29.35 billion), and PDR (VND29.02 billion).
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