Quoc Cuong Gia Lai shares continue to hit the floor

The stock market traded on the first day of the week with the closing session, VN-Index decreased 10.14 points (-0.8%) to 1,254.64 points; HNX-Index decreased 2.14 points (-0.89%) to 238.38; UPCoM-Index decreased 1.12 points (-1.16%) to 95.65 points.

On the 3 floors today, there were 533 stocks decreasing, 37 stocks hitting the floor, while nearly 250 stocks increased. Some rare groups of stocks that kept green were Banking, Food and Beverage and Rubber. Market liquidity was quite good with more than 24,000 billion VND traded on the 3 floors. Foreign investors turned to net buying nearly 300 billion VND.

Many stocks continued their streak of bad trading sessions, including HVN and QCG, when these two stocks continued to hit the floor. As of today’s session, Vietnam Airlines ’ HVN has had its 7th consecutive session of decline, including 4 sessions of floor decline.

Similarly, Quoc Cuong Gia Lai’s QCG also had 7 sessions of sharp decline, of which 3 sessions hit the floor. This stock performed very negatively after the arrest of General Director Nguyen Thi Nhu Loan.

Quoc Cuong Gia Lai Company recently spoke up, affirming that the arrest of Ms. Nguyen Thi Nhu Loan will not change or affect the company's plans, strategies, production, business and investment activities. The legitimate rights and interests of customers, shareholders and partners who are transacting and cooperating with the company are still guaranteed.

“The above incident is only related to the project 39 – 39B Ben Van Don, District 4, Ho Chi Minh City, which the company has received from 2 private companies and completed the transfer to partners since 2014 as officially informed by Quoc Cuong Gia Lai Company to shareholders and media agencies on May 30, 2024,” Quoc Cuong Gia Lai’s announcement said.

The company also said that the Board of Directors will soon find a person in charge of running the company as soon as possible to carry out all activities related to the company, ensuring the normal operation of Quoc Cuong Gia Lai Company.

However, in today's session, there were still more than 6 million units listed for sale at floor price, but only less than 60,000 units were matched.

Experts from VNDIRECT Securities Company believe that the 1,250 point area (+/- 10 points) will act as a strong support area. However, the market is lacking enough momentum and supporting information to form a short-term uptrend. Cash flow will continue to be differentiated between industry groups and finding short-term profits will not be easy.

Experts also recommend that after successfully restructuring their portfolios, investors should consider selecting and disbursing a small proportion of stocks with good momentum and not affected by the general market developments in sectors such as securities and retail. In addition, the use of margin should also be limited at this time to avoid potential risks that may suddenly occur in the short term.

Source: https://laodong.vn/kinh-doanh/co-phieu-quoc-cuong-gia-lai-tiep-tuc-giam-san-1369998.ldo