Bluechip stocks experience steep drop

By Huu Bat, Trang Nguyen
Tue, October 11, 2022 | 1:33 pm GMT+7

Twenty eight out of 30 blue chips in the VN30 basket plunged from the beginning of the year to October 10 amid a market downtrend.

The index tracks 30 stocks with the highest market capitalization and liquidity on the Ho Chi Minh Stock Exchange.

An investor keeps an eye on the VN-Index. Photo by The Investor/Trong Hieu.

An investor keeps an eye on the VN-Index. Photo by The Investor/Trong Hieu.

Specifically, SSI shares of SSI Securities JSC recorded the strongest drop since the beginning of the year. At the closing session on October 10, the stock was priced at VND17,400 ($0.73) per unit, down 62.82%.

In August 2021, SSI completed a public offering of shares as approved by its shareholders at the 2022 annual general meeting. SSI issued more than 496.4 million shares to shareholders at the price of VND15,000 ($0.63) per unit.

After the issuance, the company's charter capital increased to more than VND14,911 billion ($623.5 million), becoming the securities company with the largest charter capital in the country.

In the first six months of 2022, SSI recorded a revenue and after-tax profit of VND3,538 billion ($147.94 million) and VND1,100 billion ($45.99 million), up 10.6% and up nearly 11% year-on-year, respectively.

Meanwhile, Vietnam Rubber Group (GVR), Vietnam's leading rubber company, ranked second in terms of price decrease. In the October 10 session, GVR shares were priced at VND16,900 ($0.71) per unit, down 54.26%.

In the first nine months of 2022, GVR reported a revenue and after-tax profit of VND18,397 billion ($769.27 million) and VND4,408 billion ($184.32 million), up 2% and up 4%, respectively.

Next were TPBank (TPB), losing 49.33%, and Techcombank (TCB) down 48.4%. In addition, the bluechip "family" trio of VinGroup - Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) - fell 36.7%, 32.35% and 15.61%, respectively.

Similarly, two other big real estate tickers Khang Dien House Trading and Investment JSC (KDH) and Phat Dat Real Estate Development JSC (PDR) dropped 44.13% and 28.27% year-on-year, respectively.

HPG shares of Hoa Phat Group JSC went down by 47.75%. In the first six months of 2022, HPG recorded a revenue and after-tax profit of VND82,118 billion ($3.43 billion) and VND12,229 billion ($511.35 million), down 27% year-on-year.

GAS of PetroVietnam Gas JSC and SAB of Sabeco were the only two stocks that grew, climbing 13.19% and 26.57%, respectively.

Vietnam's stock market had a favorable start to 2022 when the main VN-Index quickly surpassed 1,500 points. However, given the continuous global turbulence driven by the Russia-Ukraine conflict and the U.S. Federal Reserve's interest rate hikes, and leaders of many large domestic corporations arrested for violating the law, the stock market has kept plunging.

As of October 10, the VN-Index stopped at 1,042.48 points, down 30.42% from the beginning of 2022, making it one of the top five strongly declined stock markets globally.

Comments (0)
  • Read More
Indonesia targets comprehensive fuel subsidy scheme reform

Indonesia targets comprehensive fuel subsidy scheme reform

Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.

Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7

Tech companies invest in data centers in Thailand

Tech companies invest in data centers in Thailand

Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).

Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7

Indonesia upgrades sea wall system to protect Jakarta

Indonesia upgrades sea wall system to protect Jakarta

Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.

Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7

Where real estate and urban development meet

Where real estate and urban development meet

The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.

Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7

AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer

AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer

When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.

Companies - Mon, November 4, 2024 | 8:07 pm GMT+7

Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China

Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China

Vietnam Railway Authority under the Ministry of Transport has proposed a 448-km long, VND183,856 billion ($7.26 billion) route running between the northern provinces of Lao Cai and Quang Ninh, both sharing a border with China.

Infrastructure - Mon, November 4, 2024 | 7:14 pm GMT+7

Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart

Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart

Vietnamese agri major Hoang Anh Gia Lai JSC (HAGL) is looking to tap domestic market potential afresh by distributing its products through the Kingfoodmart supermarket chain.

Companies - Mon, November 4, 2024 | 7:08 pm GMT+7

Mixed performance by Vietnam commercial banks in Q3

Mixed performance by Vietnam commercial banks in Q3

Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.

Banking - Mon, November 4, 2024 | 4:52 pm GMT+7

Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power

Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power

Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).

Energy - Mon, November 4, 2024 | 4:20 pm GMT+7

Military-run Viettel Group has 2 more deputy general directors

Military-run Viettel Group has 2 more deputy general directors

General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.

Companies - Mon, November 4, 2024 | 3:14 pm GMT+7

Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official

Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official

Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.

Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7

Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital

Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital

The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.

Finance - Mon, November 4, 2024 | 11:42 am GMT+7

Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits

Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits

Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).

Industries - Mon, November 4, 2024 | 10:44 am GMT+7

Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup

Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup

Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.

Finance - Mon, November 4, 2024 | 9:31 am GMT+7

Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept

Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept

Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.

Companies - Mon, November 4, 2024 | 8:00 am GMT+7

Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.

Politics - Sun, November 3, 2024 | 7:45 pm GMT+7