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Tuesday, June 25, 2024

Dragon Capital takes swing trade on KBC

The Saigon Times

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HCMC – Fund management firm Dragon Capital has taken a swing trading strategy on KBC shares of Kinh Bac City Development Holding Corporation (Kinh Bac).

On January 10, Dragon Capital trimmed its stake in Kinh Bac to 4.97% by offloading 400,000 shares. This sale signifies a retreat from their previous position as a major shareholder in the construction firm.

This maneuver was conducted via sales by two Dragon Capital-managed funds, Vietnam Enterprise Investments Limited and Amersham Industries Limited, who each offloaded 200,000 KBC shares.

However, Dragon Capital regained its footing in Kinh Bac on January 11. By purchasing a net 750,000 KBC shares, its stake climbed to 5.07%, reclaiming its status as a major shareholder in the Hochiminh Stock Exchange-listed company.

Norges Bank, a member of Dragon Capital, purchased one billion KBC shares on January 11, while Vietnam Enterprise Investments Limited sold another 250,000 KBC shares on the same day.

Kinh Bac, in its third-quarter earnings report, posted a 21.6% year-on-year increase in revenue, reaching VND247.18 billion. However, its after-tax profit nosedived by 99% to VND18.55 billion.

The company explained that the profit slump in Q3 was primarily due to delayed land handovers to customers, which involved a total area of 50 hectares with a contract value of VND1.7 trillion.

Between January and September, Kinh Bac reported a 272.4% year-on-year pickup in revenue, totaling VND4.8 trillion. Its after-tax profit fell by a slight 2.3% over the same period in 2022 to VND2.1 trillion.

Closing the trading session today, January 16, KBC edged up 1.64% to VND30,950, with over four million shares changing hands.

Winners outnumbered losers by 318 to 163 on the southern bourse, helping the VN-Index gain nine points, or 0.78%, over the previous session to 1,163.12 points.

Trading value improved by 4% day-on-day at VND13.1 trillion but volume decreased slightly to 611.4 million shares. Block deals contributed 40.4 million shares and VND930.5 billion.

Lender SHB was the most actively traded stock on the market, with a matching volume of nearly 34.3 million shares. It rose 0.4% to VND12,200 per share at the close.

The Hanoi Stock Exchange saw 94 advancers and 62 decliners, as well as a trading volume of 52.4 million shares valued at VND932.2 billion. The HNX-Index added 1.95 points, or 0.86%, to end at 229.5 points.

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