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Tuesday, June 25, 2024

CTD sets up first overseas subsidiary

The Saigon Times

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HCMC – Coteccons Construction JSC (HOSE: CTD) has established its first subsidiary abroad, Coteccons Constructions Inc.

The new subsidiary offers construction services in international markets and is fully funded by equity, with no loans involved, the company said on October 7. It did not say where the new subsidiary is based.

Christopher Senekki has been picked to lead the new venture. Senekki, who stepped down as deputy general director of CTD in August, has also been named deputy general director of Covestcons, another Coteccons subsidiary.

The move is in line with Coteccons’ diversification strategy, as detailed in its 2022 annual report. The company has been researching various fields, including pre-cast construction.

CTD inched down by 1.16% today, October 10, ending its rising streak of four consecutive sessions, to VND51,100 per share, with more than 1.1 million shares changing hands.

The VN-Index of the Hochiminh Stock Exchange ended the trading session 6.33 points higher, or 0.56%, than the previous session to close at 1,143.69 points. Winners outnumbered losers on the bourse by a ratio of 354 to 140.

Trading volume and value improved by around 12% and 11%, respectively, versus the session earlier, with 671.7 million shares valued at VND15.3 trillion changing hands. Block deals contributed more than VND1.1 trillion to the overall value, with 43.8 million shares being traded.

The VN30 basket, which groups the market’s 30 largest-cap stocks, saw 21 advancers and seven decliners, sending the VN30-Index up 9.91 points, or 0.86%, to 1,160.28 points.

Notably, bank stocks such as TCB, ACB and VCB saw modest increases of around 1.5%. Other sectors, including real estate and power, also performed well, with stocks like HPG, HDB, VHM, POW and VIB rising between 2% and 2.4%.

Securities stock VIX continued to lead the southern market by liquidity for the fifth consecutive session with a matching volume of nearly 31.7 million shares. It edged up 0.6% to VND15,550 per share.

Meanwhile, the HNX-Index of the Hanoi Stock Exchange rose 0.61 points, or 0.26%, to 234.17 points, with 114 stocks advancing and 65 others dipping.

The total trading volume on the northern bourse was 96.7 million shares, with a value of VND1.8 trillion.

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