Hoa Binh Construction shares hit ceiling

Following news that two foreign shareholders plan to buy 220 million shares, HBC stock surged to its maximum limit, reaching its highest level in a month.

The stock code of Hoa Binh Construction Joint Stock Company quickly surged to the ceiling price just 15 minutes after trading began. Due to restrictions, trading was only permitted in the afternoon, reaching 7,770 VND per share around 1:15 PM. The upward trend continued until the market closed. This is the highest price for HBC since October 26th, almost a month ago.

According to VNDirect's statistics, nearly 55% of the matched orders for this stock came from active buyers. The total trading volume of HBC reached over 2 million units, double that of the previous session and the highest level in nearly a month.

HBC shares surged following news that the company plans to issue nearly 252.5 million shares. Of these, 220 million shares will be offered privately at a price ranging from 12,000 to 14,500 VND, double the market price. Hoa Binh announced that two foreign investors are expected to participate in this offering: Tumaz and Tumaz Enterprises Ltd and Primetech VN Development and Investment Joint Stock Company.

The proceeds from the transaction are estimated at 2,640-3,190 billion VND. Hoa Binh will use the money to repay loans to credit institutions. This is seen as a move within the company's restructuring strategy after several quarters of losses and power struggles.

HBC was one of four stocks that hit their upper limit on the HoSE exchange today. Across the entire exchange, 333 stocks increased in price, while 173 stocks decreased.

Overall, the index representing this exchange remained in positive territory throughout the day. The market lacked buying pressure at higher price levels and no leading group of stocks emerged. This resulted in the VN-Index not fluctuating significantly, closing at 1,110.5 points, up nearly 7 points from yesterday.

While the index improved, liquidity in the Ho Chi Minh City market decreased by nearly 2,100 billion VND, to approximately 14,900 billion VND. Trading activity was less vibrant for most of the day compared to yesterday. Foreign investors reversed to net selling of nearly 570 billion VND.

Tat Dat

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