Stock Track | Longfor Group Soars 5.07% Intraday as Scrip Dividend Pressure Eases and Real Estate Sector Rallies

Stock Track05-06

Longfor Group's stock soared 5.07% during intraday trading on Wednesday, marking a significant rebound for the real estate developer.

The surge comes as selling pressure from recently issued scrip dividend shares has been largely absorbed by the market. The company had issued approximately 55.77 million new shares under its scrip dividend scheme, which began trading recently and initially created downward pressure on the stock price.

Additionally, the broader real estate development sector showed strong performance during the session, providing tailwinds for Longfor Group's recovery. The combination of reduced scrip dividend overhang and sector-wide strength contributed to the stock's substantial intraday gain.

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