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Tuesday, June 25, 2024

HOSE lifts restriction on OGC stock

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) will switch the OGC shares of Ocean Group Joint Stock Company from being under trading restriction to being under supervision from December 14, as the firm managed to address issues leading to the trading restriction earlier.

HOSE kept the OGC stock on the warning list since Ocean Group’s parent company was performing poorly, incurring a loss of VND33.53 billion after tax in the first half of 2022. Its undistributed after-tax profit as of June 30 had been minus VND2,759 billion.

As for its business performance in the year to September, Ocean Group had seen its revenue up 1.7 times year-on-year at some VND850 billion and its after-tax profit down 18% at VND121 billion.

In the third quarter alone, Ocean Group obtained more than VND592 billion in its consolidated revenue, much higher than the year-ago figure of VND85 billion. Its after-tax profit during the given period reached over VND127 billion, soaring a whopping 353% year-on-year, while it suffered the respective losses of VND21.25 billion and VND14.39 billion in the first and second quarters.

Closing the trading session today, December 13, OGC soared 6.9% to its upper limit of VND6,970.

The benchmark VN-Index on the HOSE gained 15.38 points, or 1.49%, against the previous session to end at its intraday high of 1,047.45, with 258 advancers and 160 decliners.

Trade on the southern bourse improved slightly compared to yesterday with more than 798 million shares valued at over VND13 trillion changing hands, including around VND1.1 trillion worth of shares traded in block deals.

Bank stocks were the major contributors to the main index’s gain as all of them closed in positive territory. Lender EIB even surged 6.9% to hit its ceiling price of VND25,550.

Other bluechips such as housing developer VHM, insurer BVH, and retailer VRE were outstanding performers as well.

Lots of securities stocks closed with substantial gains, with BSI, HCM, VCI, CTS, FTS and VND all hitting their upper limits. Of them, VND ranked second by liquidity on the southern bourse, with more than 45 million shares transacted.

Multiple stocks in the real estate sector also extended their rally.

Property developer NVL was the most actively traded stock on the HCMC market. NVL inched up 2.2% to VND18,200, with more than 55 million shares traded.

On the Hanoi bourse, many stocks reversed course to close higher, helping the HNX-Index end at its intraday high. With 88 stocks advancing and 71 others falling, the index added 3.06 points, or 1.45%, versus yesterday at 213.59.

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