VNG's stock recovers strongly.

Following a sharp correction, VNZ shares of VNG Corporation are recovering rapidly with two consecutive days of hitting the upper limit, bringing the market price from 334,500 VND to 409,600 VND.

Shares of VNG Corporation (stock code: VNZ) closed the morning session on September 12th at VND 409,600, reaching the maximum allowed increase compared to the reference price, extending its upward trend for the second consecutive session. VNZ continues to be the stock with the highest market capitalization on the UPCoM exchange to date.

The trading volume in the morning session of September 12th reached 6,280 shares, equivalent to approximately 2.5 billion VND. As a result, the market capitalization rose to 11,770 billion VND.

The recovery was noted after the company's management released an explanation as requested on September 9th by the Hanoi Stock Exchange (HNX) regarding the appointment of the Acting General Director .

VNG Company affirms that Mr. Wong Kelly Yin Hong was not appointed as stated in the article. Currently, Mr. Wong Kelly Yin Hong is carrying out his duties as assigned by Mr. Le Hong Minh to support the company's operations, ensure its smooth functioning, and protect the rights and interests of shareholders.

Furthermore, VNG stated that its business operations and management are proceeding normally. The company has not received any official documents from government agencies regarding the information mentioned in the press.

Before recovering, VNZ shares experienced four consecutive days of decline, causing the share price to fall from 520 VND to 334,500 VND, the lowest level since the company's listing (only slightly below the reference price of 240,000 VND on its first trading day). Liquidity also surged during these declining sessions, with some days recording over 35,000 shares changing hands, whereas the average trading volume previously was below 1,000 shares per session.

According to VNG's financial report, revenue in the first half of this year reached VND 4,314 billion. Sharing his thoughts on the business results when the financial report was released, Mr. Le Hong Minh said that it will be a huge challenge for the VNG team in the last six months of the year as they must simultaneously balance financial goals with business growth targets.

Source: https://baodautu.vn/co-phieu-cua-vng-hoi-phuc-manh-d224739.html