The PHI Group (OTCMKTS:PHIL) stock may have emerged as one of the more popular micro cap stocks not too long ago and recorded strong gains. However, the situation has changed quite dramatically over the course of the past week. Yesterday, the PHI Group stock was in a downward spiral and ended the day with losses of 8.5%.
That took its decline over the course of the past week to as much as 15%. However, at the same time, it is also important to keep in mind that there has been no news about PHI Group in the past week and the last news to have emerged about the company was back on August 6.
PHI Group announced that it inked a letter of intent with CYFS Group for the purposes of co-founding and sponsoring CO2-1-0. CYFS is based out of Indonesia and the CO2-1-0 project is a carbon mitigation program of a disruptive nature that is going to be harnessed through environmentally sustainable initiatives.
These initiatives is going to be focussed on projects in Vietnam, Indonesia and other nations in the ASEAN block and in the in the rest of the world. Despite the declines recorded by the stock, the PHI Group stock could still be worth tracking.