Novaland stocks hit floor price 5 sessions in a row

By Dat Nguyen November 10, 2022 | 03:24 am PT

An artist's impression of a residential project developed by Novaland in Ho Chi Minh City. Photo courtesy of Novaland

NVL of real estate developer Novaland Group has been on the floor for the last five sessions due to market sentiment and negative macro-economy impacts, its leaders said.

The board of directors shared this information with leaders of the Ho Chi Minh Stock Exchange in a filing after its stock plunged by 30% since last Wednesday. It closed on the floor again Thursday.

NVL surged to a peak of VND92,000 in June last year and has been struggling to exceed that level since. It is now a the lowest since March 2021.

The company is no longer among the top 10 biggest market capped on the HoSE.

Bui Cao Nhat Quan, son of Novaland chairman Bui Thanh Nhon, on Wednesday bought an additional two million shares to increase his ownership to 4.269%.

His purchase accounted for only 10% of what he registered to buy.

Some brokerages have been lowering the leverage allowed on NVL. Mirae Asset has reduced the rate from 50% to 30%, while KB Vietnam and ACB Securities have cut the rate from 40% to zero.