Dragon Capital increases ownership in Hoa Sen Group

Dragon Capital increases ownership in Hoa Sen Group
By Dat Thanh {authorlink}

HCMC – Dragon Capital has raised its stake in Hoa Sen Group, which trades its HSG shares on the Hochiminh Stock Exchange, by acquiring an additional 1.31 million shares.

Dragon Capital made the purchase on August 2, elevating its ownership from 8.9% to 9.11% of the steelmaker’s charter capital.

Norges Bank, a member of Dragon Capital, bought the highest amount, at 1.11 million shares, while Hanoi International Limited as another member acquired 200,000 million shares.

In prior transactions, Dragon Capital acquired over 2.1 million HSG shares on June 16, and subsequently sold more than one million HSG shares on July 20.

Regarding Hoa Sen’s business performance, the company reported revenue of VND8.6 trillion in the quarter ending June 30, a 29% decrease compared to the same period last year.

Its after-tax profit stood at VND14.16 billion, down by a jaw-dropping 94.7% year-on-year. The gross profit margin also narrowed from 13.1% to 10.3%.

Closing the trading session today, August 8, HSG shares inched down 1.58% to VND18,700 per share, with 13.5 million shares matched.

The Hochiminh Stock Exchange ended the trading day with 242 stocks rising and 238 others declining. The VN-Index increased by 0.81 points, or a fractional 0.07% from the previous session, at 1,242.23 points.

There were more than 1.19 billion shares valued at VND23.2 trillion changing hands on the southern bourse, down 8% in volume and 12% in value day-on-day. Block deals contributed nearly VND2 trillion to the overall value, with over 77.3 million shares traded.

VIC and VRE provided strong support to the main index, as they contributed over 3.9 positive points to the benchmark index.

VIC increased by 4.9% to VND67,000 per share, while VRE rose by 4.7% to VND31,000 per share, with a trading volume of 11.05 million shares and 18 million shares, respectively.

Other bluechips such as MSN, VJC, PLX, SAB, GAS, SSB and POW also contributed to the market’s strength, albeit with modest gains. POW saw the highest trading volume in nearly a year, with around 28 million shares exchanged, with the stock price rising 2.9% to VND14,100.

Conversely, SSI and VPB from the financial sector experienced the most significant declines within the VN30 basket, dropping by 2% to VND29,100 and VND22,200, respectively.

TCB, HPG, SHB, ACB and TPB followed with losses ranging from 1% to 1.6%. Other stocks like MWG, VHM, VNM, STB, VIB, BVH and VCB made minor decreases, losing below 1%.

With the number of losers doubling that of winners by 18 to 9, the VN30-Index edged down 2.87 points, or 0.23%, to 1,247.81 points.

With 109 advancers and 85 decliners, the HNX-Index of the Hanoi Stock Exchange added 0.39 points, or 0.16%, to 246.07 points.

The total trading volume of the northern market exceeded 158.2 million shares today, valued at VND2.6 trillion.

The post Dragon Capital increases ownership in Hoa Sen Group appeared first on The Saigon Times.

Source originally publishedhere on August 8, 2023

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