After a week of positive price changes, Longwei Petroleum Investment Hold Ltd (AMEX:LPH)
started falling down. Yesterday,
the stock lost 0.79% on the market, though its traded volume exceeded 500 thousand shares.
Following the records, we notice that LPH was promoted yesterday, which most probably has reflected on its trading activity. Longwei has just paid a compensation of $30 thousand for 12 months to RedChip Companies, which included the preparation of equity research reports. The promotion managed to keep LPH volume high, however, the stock price didn't move up.
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The company operates through its subsidiary, Taiyuan Longwei Economy & Trading Company Ltd. Yesterday, LPH reported that it was added to the Halter USX China Index as of Sep. 30 this year. Mr. Cai Yongjun, Chairman of the company, announced they were very proud of the achievement, as Longwei had just announced its record financial results.
Along with this news, it was reported that Longwei would present at the RedChip Small-Cap Investor Conference in November, which is a great opportunity for the company. However, that positive news also couldn't push LPH stock up and currently its market position looks uncertain.
Longwei reported improved revenues, however, its operating loss reached over $22 thousand. The company's assets and stockholders' equity have increased and the management claims its cash resources would be sufficient to complete its operations.
So far, so good. At this point, everything seems to be fine with Longwei, except the unexplained loss on the market yesterday. Now the future of LPH stock is up to be seen.