PHI Group Inc (OTCMKTS:PHIL), which is best known for operating a holding company, did not have a particularly great time in the markets on Monday as its stock tanked by as much as 7% due to a selloff. While the decline in the PHI Group stock was notable, it is perhaps also necessary to point out that the company did make a significant announcement with regards to one of its subsidiaries.
Trading Data
On Monday, PHIL stock fell 7.14% to $0.0039 with 125.92 million share, compared to its average volume of 143.35 million shares. The stock has moved within a range of $0.0037 – 0.0042 after opening trade at $0.0042.
Recent News
PHI Group announced that that CO2-1-0 (CARBON) Corp, which is one of its subsidiaries, had signed a Memorandum of Understanding with PT Mega Hydro Energi.
PT Beta Hydro Energi is based out of Indonesia and as part of the understanding CO2-1-0 (CARBON) Corp is going to be involved in cooperate in a project related to a disruptive carbon migration programme. The programme is going to be involved with environmentally sustainable projects all over the world.
It was a major development but it did not lead to much optimism among investors. However, it might still be a good move for investors to consider keep an eye on all the developments with regards to the project and then decide on a move.
Key Quote
Choky Simanjuntak, Founder and CEO of CARBON, added: “We are very happy and enthusiastic to partner with PT Mega Hydro Energi. Our carbon credit solution with blockchain-crypto technology and IoT will fuel several hydroelectric projects of PT Mega Hydro Energi and others in order to assist Indonesia to reach net zero carbon target accordingly.
Technical Data
PHIL stock is trading below the 20-Day and 50-Day Moving averages of $0.0044 and $0.0055 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0066.
