HoSE has announced that it will be transferring the shares of DRH Holdings (listed on HoSE as DRH) from restricted trading to a trading suspension, as the company has delayed the publication of its 2024 audited financial statements following its placement on the restricted list. This news caused a sharp drop in DRH’s stock price, closing at 2,160 VND on September 9th, an 8-session low with a trading volume of over 2.3 million units – almost eight times the average of the previous ten sessions.
Over the last ten trading sessions, DRH’s stock has only increased once, remained unchanged once, and decreased eight times. The market capitalization has significantly decreased to 267 billion VND. Currently, DRH’s stock price is at its lowest level in history, similar to ten years ago.
DRH’s stock plunged on September 9th. (Source: Cafef)
In terms of business performance, for the first six months of 2024, DRH Holdings recorded a meager revenue of nearly 1.5 billion VND, a significant decrease compared to the same period last year. Meanwhile, interest expenses surged to over 60.6 billion VND. As a result, the real estate company reported a post-tax loss of more than 48.1 billion VND, compared to a loss of 38.8 billion VND in the previous year.
As of June 30, 2024, DRH Holdings’ total assets were nearly 4,000 billion VND, a slight increase from the beginning of the year. Of this, loans and finance leases amounted to 783 billion VND, only half of the company’s equity (1,471 billion VND). The current Chairman of the Board of Directors is Mr. Phan Tan Dat, and the Members of the Board of Directors are Mr. Ngo Duc Son (also serving as General Director) and Mr. Tran Hoang Anh. The two independent members of the Board of Directors are Mr. Ho Ngoc Bach and Mr. Nguyen Lam Tung.
The market was on fire on the first trading day of the week, with the VN-Index losing more than 6 points.
The market opened in the red, with strong selling pressure from blue-chip stocks pushing the VN-Index down to 1,270 points. The market continued to fluctuate in the afternoon session and closed with a loss of more than 6 points.
On September 9th, the VN-Index decreased by 6.23 points to 1,267.73 points. The HNX-Index lost 1.19 points, falling to 233.46 points. Similarly, the UPCoM-Index dropped by 0.36 points to 93 points.
The market was on fire on Monday (September 9th), with the number of declining stocks far outpacing the number of advancing stocks.
Market liquidity hit a record low, with total trading value across all markets reaching nearly 13,300 billion VND. On the HoSE alone, liquidity reached nearly 11,700 billion VND. Today, the market breadth was overwhelmingly negative, with nearly three times as many declining stocks as advancing stocks on the HoSE.
The main drag on the VN-Index was the blue-chip group, with 23 out of 30 stocks in the VN-30 basket declining (including four stocks that stood at the reference price: VRE, VCB, SHB, and GVR).
The “Vin” duo of VHM and VIC fell by more than 2%. Following them were BCM, BVH, SSI, STB, and VIB, which decreased by more than 1%. These stocks also exerted the most significant downward pressure on the VN-Index.
Only three stocks in this group managed to stay in positive territory: SSB (+0.56%), GAS (+0.71%), and HPG (+0.79%). At the same time, these stocks also made the most positive contributions to the VN-Index.
The red dominated most industry groups, but steel stocks unexpectedly attracted strong investment, with HPG (+0.79%), HSG (+2.26%), NKG (+2.64%), and others in the green.
Additionally, some stocks in other industry groups went against the market trend and posted gains, including NAB (+1.85%), NVL (+1.54%), DBC (+3.76%), and others.
Foreign investors returned to net selling on the HoSE, with a net sell value of nearly 500 billion VND. FPT was the most net-sold stock, with a value of nearly 115 billion VND. This was followed by MSN (82.49 billion VND), HPG (76.26 billion VND), VPB (51.87 billion VND), and others.
The Novaland Stock Rout: A Dramatic Fall
Novaland’s NVL stock and SC5 have been removed from the margin trading eligibility list due to their delay in publishing semi-annual financial statements for 2024. The delay exceeded the allowed timeframe, resulting in their exclusion from the list.
Tomorrow’s Stock Market Outlook: Which Three Sectors Should Investors Consider for Profit-Taking?
The stock market witnessed another volatile session on September 9th. Despite the fluctuations, the emergence of buying interest indicates that investor sentiment is not overly pessimistic. The presence of buyers suggests a hopeful outlook for a potential rebound.
