It was a rather forgettable day in the markets for investors in PHI Group Inc (OTCMKTS:PHIL) as the stock suffered from a pretty strong selloff and went down by as much as 8%. In case of such a decline, it might be a good idea for investors to figure out if the stock of the diversified holding company can make a comeback any time soon.
Trading Data
On Thursday, PHIL stock fell 8.11% to $0.0034 with more than 196.11 million shares, compared to its average volume of 138.80 million shares. The stock moved within a range of $0.0033 – 0.0041 after opening trade at $0.0037.
Vietnam-based HHT Global Co. Ltd. Joins PHILUX Global Subfund for Agriculture
Yesterday, the stock came into focus after it announced that the Vietnam based limited liability company HHT Global Co Ltd inked an agreement with PHI Group for the purpose of joining up with the PHILUX Global Subfund that is dedicated to the agricultural sector.
As per the provisions of the agreement that was signed between the parties, HHT Global is going to be involved in contributing an agreed amount in the form of capital to the subfund. In addition to that, the starting operating budget of the subfund is also going to be provided by HHT Global and hence, it will also have a 49% interest in the general partners’ element of the fund. It seems that investors in PHI Group were not particularly happy with the agreement and hence, the stock declined sharply.
Key Quote
Mrs. Nguyen Thi Hong, Chairperson of HHT Global Co., commented: “ We are very pleased to cooperate with PHI Group to respond to the growing needs of the agriculture industry in Vietnam and especially capture this opportunity to grow and provide sorghum supply to Empire Spirits and Five-Grain.”
Technical Data
PHIL stock is below the 20-Day and 50-Day Moving averages of $0.0040 and $0.0047 respectively. However, the stock is trading below the 200-Day moving average of $0.067.
