By late morning, shares of Gilimex (Binh Thanh Production, Trading, and Import-Export Joint Stock Company), trading under the ticker GIL, had fallen to their daily lower limit, reaching 10,650 VND per share. This price held until the close of the trading session.

Trading volume exceeded 10 billion VND, with 935,300 shares changing hands. This volume was double the average over the past year. However, GIL still recorded nearly 1,5 million unsold shares, indicating that supply exceeded demand and not all shares were absorbed.

Investors monitor Gilimex stock performance on 10/7. *Tat Dat*

Gilimex stock plummeted following news that the U.S. District Court for the Southern District of New York dismissed their entire lawsuit against Amazon. The court concluded that the Vietnamese company fabricated evidence and committed fraud during the proceedings. Judge Lorna G. Schofield ruled to dismiss the case with prejudice, meaning Gilimex cannot refile a lawsuit with the same content. Additionally, Amazon was permitted to seek reimbursement for investigation and litigation costs.

According to the ruling, Gilimex initially provided dozens of purchase orders and demand letters to prove over 68 million USD in material damages after Amazon terminated their partnership. However, electronic data revealed that many documents were created just before submission. Gilimex itself admitted that over 90 of these documents were fabricated.

Subsequently, the company presented a purchase order worth approximately 69 million USD with supplier Blazemax as primary evidence. However, this document did not appear in business records, financial reports, inventory reports, or contemporary communications. The court noted that Gilimex repeatedly changed its explanations regarding the document's origin, provided unreliable testimony, and failed to prove the authenticity of its evidence.

Gilimex is a garment and household goods manufacturer listed on HoSE, which had Amazon as its largest client for many years. In late 2022, the company sued its U.S. partner, seeking approximately 280 million USD in compensation, alleging breach of contract and sudden order reductions post-pandemic. Gilimex stated that its heavy reliance on Amazon led to significant investments in factories, materials, and personnel to meet demand during the Covid-19 period, only to face excess capacity and inventory when orders were curtailed.

GIL was one of three stocks that hit their lower limits on HoSE today. The stock market ended the week in the red, with 209 declining codes, two-and-a-half times the number of rising codes. Selling pressure was widespread and persistent throughout the session, particularly among large-cap stocks during the after-hours trading (ATC) session. This led to the VN-Index dropping over 12 points to approximately 1,828 points, marking the market's second consecutive correction.

Today's liquidity improved by 16% to over 17,000 billion VND. However, the total trading value remained low, indicating that cautious sentiment still prevailed.

A bright spot was the return of foreign net buying, totaling approximately 1,387 billion VND. However, a significant portion of this was block trades in VIC (over 1,679 billion VND in net buying). Additionally, VNM was heavily accumulated by foreign investors with over 196 billion VND. Conversely, FPT saw net selling of nearly 120 billion VND.

Overall for the week, the stock market fell nearly 34 points, marking its second consecutive week of correction. Amid this backdrop, securities firms unanimously recommended that investors maintain appropriate portfolio allocations, focusing on stocks with strong fundamentals.

Tat Dat