Ninh Van Bay shares break ceiling price streak of 6 consecutive sessions

NVT shares of Ninh Van Bay Tourism Real Estate Joint Stock Company were on the way to the ceiling price when they suddenly reversed and dropped to the limit in the session on June 25, down to 11,050 VND.

Shares of Ninh Van Bay Tourism Real Estate Joint Stock Company (stock code: NVT) traded on the morning of June 25 at the ceiling price of VND12,650, extending the ceiling price streak of 7 consecutive sessions. However, the excitement did not last long when selling pressure appeared, causing the market price to reverse below the reference price and close at the floor price of VND11,050.

NVT not only went against the market trend, but also broke the previous 6-session ceiling price streak, and ended NVT's 8-session streak of no decline. During the sell-off session, NVT matched nearly 100,000 shares, marking the highest level in nearly a year. The transaction value accordingly reached 1.2 billion VND.

NVT shares suddenly reversed direction when the company's management board published a written explanation at the request of the Ho Chi Minh City Stock Exchange about the recent series of ceiling price increases. According to Ninh Van Bay's leadership, the sharp increase in stock prices was due to objective developments and market supply and demand. Currently, the company's business activities are still running normally.

Similar to the explanations of many other businesses, Ninh Van Bay affirmed that "there is no impact that affects stock transactions on the market and always complies with the provisions of law applicable to public companies".

Previously, NVT hit the ceiling continuously during the period of June 17-24, bringing the stock price from 7,970 VND to 11,850 VND, an increase of nearly 50%. The company's market capitalization was approximately 1,100 billion VND at one point.

NVT stock price chart over the past year.

Regarding business activities, Ninh Van Bay targets total consolidated revenue this year at VND390 billion, up 3.5% compared to last year. Consolidated profit after tax is expected to reach VND21.5 billion, down significantly compared to VND35.8 billion in the same period.

In the first quarter, the company recorded a 23% increase in revenue compared to the same period last year, reaching VND114 billion, while the cost of goods sold increased by only 9% and financial expenses decreased by 33%. As a result, after-tax profit jumped to VND16.5 billion, while in the same period last year, the profit was less than VND2 billion.

“This result was achieved due to the company promoting marketing and business activities with foreign customers. This strategy was built for this year with the expectation of bringing better business performance,” Ninh Van Bay’s management board wrote in a document explaining business results.

Source: https://baodautu.vn/co-phieu-ninh-van-bay-dut-mach-tang-tran-6-phien-lien-tuc-d218524.html