HCMC – Hoa Phat Group (HOSE: HPG) plans to start test runs at its Dung Quat 2 steel complex by the end of 2024.
The facility, with an annual designed capacity of 5.6 million tons of hot-rolled coil steel, is 80% complete for phase 1 and 50% complete for phase 2, the company said.
In its third-quarter earnings report, the steelmaker announced revenue of over VND34 trillion, up by 19% over same period in 2023, though it was lower than in the previous quarter. The company’s nine-month revenue totaled more than VND105 trillion, a 23% year-on-year increase, achieving 75% of its 2024 target.
However, the firm has yet to disclose its profit figures in this quarter. The company said the steel market remains challenging, with falling prices affecting both domestic and international sales.
Total steel sales volume for July-September was over two million tons, down by 7% from the second quarter.
Closing the trading session today, October 14, HPG inched down by 0.92% to VND27,050 per share, with a trading volume of nearly 18 million shares.
The benchmark VN-Index dropped by 2.05 points, or 0.16%, to close at 1,286.34 points on Monday. Trading volume on the Hochiminh Stock Exchange surged to 531.74 million shares, with a value of VND13.2 trillion, up by 49.64% in volume and 38.3% in value over the previous session. Block deals accounted for 125.24 million shares worth VND2.9 trillion.
Developer VHM rose by 4% to VND45,350 per share, helping prevent a deeper market decline. VHM contributed nearly two points to the main index, with 20.74 million shares traded. The increase followed Vinhomes’ announcement that it would buy back 370 million shares between October 23 and November 22. If successful, it would be the largest share buyback in Vietnam’s stock market history.
Other Vingroup-relatated stocks, VIC and VRE, gained 0.8%. However, most bluechips in the VN30 basket, which groups the 30 largest-cap stocks, underperformed. The VN30-Index fell nearly four points, with 19 stocks declining and eight others rising. VJC, FPT and MWG lost about 1.5% each.
Bank and securities stocks declined slightly. MBB rose by 1.17%, STB added 0.3%, and most other bank stocks fell. EIB dropped the steepest, down by 4.5% to VND18,250 per share. With 42.67 million shares changing hands, EIB became the second most actively traded stock on the southern market.
Securities stock VIX took the lead by liquidity with a matching volume of 47.4 million shares, but it dipped 3.4% to VND11,500 per share.
On the Hanoi Stock Exchange, the HNX-Index slid by 0.66 point, or 0.28%, to end at 230.72 points. Trading volume on the northern market reached 38.4 million shares valued at VND693 billion.
