BIC: Explanation for peaking at the ceiling price in 5 consecutive trading dates

BIDV Insurance Corporation has explained its stock peaking at the ceiling price in 5 consecutive trading dates from April 26, 2012 to May 04, 2012 as follows:

-         According to BIC’s financial statements in Quarter 1.2012, profit after tax in Quarter 1.2012 was VND22,917 million, increasing 14.9% compared to the same period of last year. The insurance activity was pushed up in early year with premium growth 17% compared to the same period of last year.

-         The fluctuation of market price of BIC stock obeys the law of supply and demand. This is out of control of the company

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