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
Vietnam startup expert closes Monkey in Black coffee shop

Vietnam startup expert closes Monkey in Black coffee shop

Tung BT (Tran Thanh Tung), a popular startup expert and social media influencer, is closing his final coffee shop in Ho Chi Minh City, ending a 10-year journey of the "Monkey in Black" brand.

Companies - Thu, November 21, 2024 | 8:16 am GMT+7

Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.

Politics - Wed, November 20, 2024 | 8:16 pm GMT+7

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.

Companies - Wed, November 20, 2024 | 6:17 pm GMT+7

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.

Finance - Wed, November 20, 2024 | 5:37 pm GMT+7

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.

Companies - Wed, November 20, 2024 | 3:52 pm GMT+7

Central Vietnam province okays $88 mln automobile part project

Central Vietnam province okays $88 mln automobile part project

Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.

Industries - Wed, November 20, 2024 | 3:44 pm GMT+7

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.

Industries - Wed, November 20, 2024 | 3:34 pm GMT+7

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.

Companies - Wed, November 20, 2024 | 2:29 pm GMT+7

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.

Industries - Wed, November 20, 2024 | 2:03 pm GMT+7

Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park

Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park

WHA Group, a leading Thai provider of fully integrated logistics and industrial facilities solutions, has secured in-principle approval from the Vietnamese government to invest in an industrial park in central Vietnam.

Industrial real estate - Wed, November 20, 2024 | 12:01 pm GMT+7

Indonesia, Brazil sign cooperation deals worth $2.65 bln

Indonesia, Brazil sign cooperation deals worth $2.65 bln

Indonesia and Brazil on Monday sealed cooperation agreements worth $2.65 billion in the areas of renewable energy, sustainable agriculture and technology at the Indonesia-Brazil Business Forum held in Rio De Janeiro, Brazil, on the sidelines of the G20 Summit.

Southeast Asia - Wed, November 20, 2024 | 11:57 am GMT+7

Nusantara not yet feasible as Indonesia’s capital city: authorities

Nusantara not yet feasible as Indonesia’s capital city: authorities

Indonesian Minister of Home Affairs Tito Karnavian said Jakarta still holds the capital status despite the enactment of State Capital Law No. 3 of 2022, adding that the capital city will officially be relocated after the president issues a presidential decree.

Southeast Asia - Wed, November 20, 2024 | 11:55 am GMT+7

Malaysia’s Halal industry to make up 10.8% of GDP by 2030

Malaysia’s Halal industry to make up 10.8% of GDP by 2030

Malaysia’s Halal industry is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).

Southeast Asia - Wed, November 20, 2024 | 11:48 am GMT+7

Thailand takes more fiscal measures to sustain growth momentum

Thailand takes more fiscal measures to sustain growth momentum

The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment, and lower the near-record household debt, says Thai Prime Minister Paetongtarn Shinawatra's top aide.

Southeast Asia - Wed, November 20, 2024 | 11:46 am GMT+7

Indonesia named world's most generous country in 2024

Indonesia named world's most generous country in 2024

Indonesia has been the world's most generous country for the seventh consecutive year since 2017, reported local weekly magazine Tempo.

Southeast Asia - Wed, November 20, 2024 | 11:41 am GMT+7

Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam

Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam

Logistics facility brand Logicross, under Japan’s Mitsubishi Estate, kicked off the construction of its Logicross Hai Phong ready-built warehouse in Vietnam’s northern city of Hai Phong on Tuesday.

Industrial real estate - Wed, November 20, 2024 | 10:58 am GMT+7