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Haxaco President talked about illusions in the stock market, asserting that he was not in the same direction as "stock traders"

At the Extraordinary General Meeting of Hang Xanh Automobile Service Joint Stock Company (Haxaco, HOSE: HAX) taking place on November 8, Mr. Do Tien Dung, Chairman of Haxaco, spoke out about the stock fever in recent times. here and also do not forget to remind investors of the low importance of stock prices in the eyes of management.

Haxaco President Do Tien Dung
"Can't run after unusual illusions"

Recently, investors are in a stock craze in the context that the indexes continuously peaked with record liquidity. The VN-Index gained more than 80 points in the past 2 weeks and set a new peak above 1,460 points.

However, contrary to the excitement of investors, the Haxaco Chairman pointed out that the market is showing many irrationalities, many companies are losing money, but the share price is still increasing. Even Haxaco - which has just reported a loss of more than 30 billion in the third quarter and is facing difficulties amid the epidemic - has also seen its shares increase by nearly 30% in a recent month. This is "unthinkable," he said.

“According to my financial experience over the years, we cannot follow the wild waves, the unusual illusions in the market. Vietnam's economy is facing many difficulties, many businesses my friends have to go bankrupt and our partners are also facing difficulties. But the stock price went up again, the shares of the losing companies also went up, "said Mr. Dung.

“I don't know why the loss is but the stock price still goes up, if the company loses, the stock price has to go down. Leaders must be accountable to shareholders for losses, must find ways to change so that they do not have to lose.”

According to Haxaco's leadership, investors should only consider if the market price and dividend yield are reasonable and should not be caught up in the irrationality of the market.

For its part, a representative of the Mercedes-Benz Vietnam distributor said that the Company does not place too much emphasis on stock prices, but does it for the stability and certainty of the Company. Therefore, what Haxaco is looking for is not "stock dealers", but long-term investors and employees who are willing to work with the company.

He said: “If the stock goes up because of a good market, a healthy economy and a good assessment of the company's foundation, then I am also happy and proud. But if the stock goes up because some individuals and organizations cause manipulation, that's my sadness."

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