Dragon Capital raises stake in Gelex

HCMC – Fund management firm Dragon Capital has bought two million GEX shares from Gelex Group Joint Stock Company (GEX) on the Hochiminh Stock Exchange, raising its stake in the company from 4.86% to 5.1%.

After the transaction, Dragon Capital now has nearly 43.4 million GEX shares and has returned to its position as a major shareholder of the latter.

The move was carried out less than a month after this firm sold over 3.7 million GEX shares on June 9, reducing its stake in the company to less than 5%.

Since late 2022, the funds under the management of Dragon Capital have repeatedly bought and sold GEX shares.

In another development, Gelex Group JSC successfully redeemed two bond lots, GEX_BOND_A_2020 and GEX_BOND_B_2020, with a total value of VND700 billion.

Viglacera Corporation, a subsidiary of Gelex, saw its consolidated profit in May reach 166% of the monthly target. Its positive business performance will significantly contribute to the overall revenue and profit growth of the GELEX Group in 2023.

Closing the trading session today, June 30, GEX shares surged by 4.03% to VND19,350 per share, with over 14.4 million shares changing hands.

Regarding the stock market, selling pressure on bank stocks pushed down the VN-Index of the Hochiminh Stock Exchange (HOSE) today. The market liquidity was at its lowest level in the month.

The benchmark VN-Index of the HOSE slid 5.21 points, or 0.46%, against the previous session to 1,120.18, with decliners outnumbering advancers by 249 to 167.

Trade on the exchange contracted 31.9% in volume and 27.25% in value from the previous session, with nearly 906.8 million shares worth nearly VND17.3 trillion changing hands.

Nearly 70.07 million shares were transacted in block deals, contributing around VND2.2 trillion to the overall value.

Leading stocks in the banking sector became the main burden of the market, such as VCB down 1.86%, BID down 2.58%, and CTG down 1.34%. Other lenders like TCB, VPB, MBB, VIB, TPB, MSB and OCB also declined.

HDB stole the spotlight as it increased by 1.36% to VND18,600 today, with over three million shares traded.

The steel stocks performed well in the afternoon session. Notably, steel maker HPG rebounded and rose by 1.4% to VND26,150 per share, with over 23 million shares transacted.

On the northern bourse, the HNX inched down 0.16 points, or 0.07%, to 227.23 points, with 70 gainers and 107 losers.

There were around 63.93 million shares valued at over VND1.07 trillion traded on the Hanoi Stock Exchange.

SHS took the lead by liquidity, with 14.52 million shares changing hands today. The stock increased by 1.5% to VND13,200 per share.

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