Novaland stock price falls due to market sentiment: company
Major Vietnamese real estate developer Novaland says the price of its shares has fallen for five consecutive sessions due to market sentiment and macroeconomic conditions.

Novaland's head office at 65 Nguyen Du street, District 1, HCMC. Photo courtesy of the company.
The company (trading code: NVL) cited the reasons behind its stock hitting its floor prices for five consecutive sessions in a letter sent to the Ho Chi Minh City Stock Exchange (HoSE).
Meanwhile, Bui Cao Nhat Quan, son of Nova Group chairman Bui Thanh Nhon, just announced his successful purchase of two million NVL shares from October 14 to November 3. Quan currently owns over 83 million NVL shares, equivalent to a 4.269% stake.
On November 3, Novaland canceled its plan to issue 482 million shares that aimed to increase its equity, citing the plan is no longer suitable with the company's current situation.
At the beginning session on November 10, NVL hit VND44,950 ($1.8) per unit. The price of NVL has gone down approximately 40% after more than 10 trading sessions.
On November 9, broker Mirae Asset Securities announced to lower the margin lending ratio for NVL shares from 40% to 30%. This is the second time the securities company has lowered the margin lending rate for NVL.
Novaland recorded consolidated after-tax profits of VND2,054 billion ($82.7 million) in the first nine months of the year, down 19% year-on-year.
It earned consolidated net revenues of VND7,908 billion ($318.5 million) in the period, down 23.7%.
By September 30, 2022, the company's total assets were more than VND259,590 billion ($10.45 billion), up 28.6% compared to the end of last year.
Of this, inventories accounted for more than VND129,636 billion ($5.22 billion), mainly from the acceleration of development investment in the Aqua City, NovaWorld Phan Thiet and NovaWorld Ho Tram projects and from the transfer of new projects.
Most of the inventory, 93% or VND120,750 billion ($4.86 billion), was the value of land fund and projects under construction, and the remainder was completed projects waiting to be handed over to customers. The balance of cash, cash equivalents and deposits held to maturity at banks was nearly VND21,168 billion ($852.4 million).
On October 24, Novaland stated that recent rumors spreading on social networks about its projects and business operations were false. The rumors have negatively affected the corporation, its clients and employees, the Ho Chi Minh City-based developer said in a press release.
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