Hoa Binh Construction shares hit ceiling

After news that two foreign shareholders planned to buy 220 million shares, HBC code increased to its maximum level, reaching its highest level in the past month.

Hoa Binh Construction Joint Stock Company's stock code quickly rose to the ceiling price after only 15 minutes of trading. Due to being restricted and only allowed to buy and sell in the afternoon, HBC reached 7,770 VND per share at around 1:15 pm. The purple color was maintained continuously until the market closed. This is the highest price of HBC since October 26, nearly a month ago.

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

HBC shares rose sharply after the company announced its plan to issue nearly 252.5 million shares. Of these, 220 million shares will be offered privately at prices ranging from VND12,000 to VND14,500, double the market price. Hoa Binh announced that two foreign investors are expected to participate in this offering, including Tumaz and Tumaz Enterprises Ltd and Primetech VN Development and Investment Joint Stock Company.

The proceeds from the deal are about 2,640-3,190 billion VND. Hoa Binh will use it to pay off loans to credit institutions. This is considered a move in the company's restructuring strategy after many quarters of business losses and power struggles.

HBC is one of four stocks that increased by the maximum limit on the HoSE today. The entire floor had 333 stocks increasing in price, while 173 stocks decreased.

Overall, the index representing this floor remained green all day. The market lacked demand at high prices and there were no leading stocks. This prevented the VN-Index from fluctuating much, closing at 1,110.5 points, up nearly 7 points compared to yesterday.

While the score improved, the liquidity of the HCM City market decreased by nearly VND2,100 billion, to about VND14,900 billion. Most of the trading hours during the day were less active than yesterday. Foreign investors turned to net selling of nearly VND570 billion.

Siddhartha

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