ICF leader says he doesn't know why stocks keep rising

ICF shares of the Seafood Investment and Trading Joint Stock Company hit the ceiling for 9 consecutive sessions on the UPCoM exchange, helping the market price triple, but the company's leaders affirmed that they did not know why.

ICF shares are traded on the UPCoM exchange. The stock's growth started on February 29 and has shown no signs of stopping. During this period, ICF's trading session increased by the full 15% margin. As a result, the market price jumped from VND2,400 to VND7,400 as it is now, an increase of more than 3 times. Based on the current price, the company's market capitalization is approximately VND95 billion.

In a document sent to the Hanoi Stock Exchange today (March 12), Ms. Nguyen Thi Kim Xuan, Chairwoman of the Board of Directors of the Seafood Investment and Trading Joint Stock Company, said that the company is operating normally, without any recent changes.

“The company does not know the reason for the increase in stock price,” Ms. Xuan wrote.

Not only did the market price fluctuate strongly, the trading volume also jumped. Previously, each trading session of ICF usually only had about 20,000 shares changing hands, but during the period of hot market prices, each session matched approximately 400,000 shares. The peak during this period was a session with a matched volume of more than half a million shares.

ICF stock price and liquidity chart.

Recently, this company has not released much new information. The last time the company released information was on March 8, with the purpose of creating a list of shareholders to attend the annual general meeting of shareholders.  

In terms of business results, in 2023, ICF had revenue of VND51 billion, down 16% compared to VND61 billion the previous year. However, the positive point is that the company recorded pre-tax profit of VND287 million, while the previous year it lost VND900 million.  

ICF has total assets of 194 billion VND, not much change compared to the beginning of the period. The company is losing more than 88 billion VND after tax.  

Source: https://baodautu.vn/lanh-dao-icf-noi-khong-biet-nguyen-nhan-co-phieu-tang-lien-tuc-d210613.html