CNVRG touches 52-week low as foreigns make consecutive net sells

On August 3, 2023, trading Converge Information and Communications Technology Solutions (CNVRG) touched 9.07, a 52-week low.

Data showed a net foreign selling of 47.56 million at the end of the trading session.  The day before, net foreign selling was much more significant at 56.52 million.

Probably rattled by CNVRG touching a 52-week low, CNVRG clarified market rumors that a supposed significant minority shareholder is positioned to sell off its shares in CNVRG.

According to CNVRG, Coherent Cloud Investments sold its entire CNVRG shareholdings last October 2022.

With the total divestment of Coherent Cloud Investments, the public now owns 30.91% of CNVRG.  According to data, the top ten institutional shareholders own around 5% of CNVRG, primarily foreign.  In the past few days, foreigners were net sellers of CNVRG.

Data from 31 December 2022 to 30 June 2023 showed that PineBridge Investments Asia and NT Asset (Thailand) sold their entire CNVRG shareholdings in that period.

If foreign institutional and mutual fund shareholders continue selling, CNVRG will likely continue making a new 52-week low.

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