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Saturday, February 4, 2023

Kinh Bac raises stake in Hung-Yen-based firm

The Saigon Times

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HCMC – Kinh Bac City Development Holding Corporation, whose KBC shares are traded on the Hochiminh Stock Exchange, is expected to raise its ownership at Hung Yen Investment and Development Corporation from 60% to 80%.

Kinh Bac has passed a plan on stake acquisition. Under the plan, Saigon Telecommunication and Technologies Corporation will transfer 45 million shares of the Hung Yen Investment and Development Corporation to Kinh Bac tomorrow, December 31.

Hung Yen Investment and Development Corporation, located in the northern province of Hung Yen, is active in the construction and real estate fields, with its legal representative being Dang Thanh Tam.

Closing the trading session today, KBC inched up 1.26% to VND24,200.

The local stock market wrapped up the final trading session of the year 2022 in a downbeat mood.

The benchmark VN-Index of the HCMC market shed 2.2 points, or 0.22%, against the previous session at 1,007.09, with 209 winners and 189 losers.

Turnover on the southern bourse slid nearly 12% in volume and nearly 10% in value at over 407 million shares and around VND7.4 trillion, the lowest in 2022. Of this, shares traded in block deals accounted for some VND1.8 trillion.

The VN30 basket saw 14 stocks rising and 13 others falling. That bank stocks reversed course to end lower left a negative impact on the main index. Among the decliners, VCB and BID closed at their intraday low.

Steelmaker HPG led the HCMC market by liquidity with more than 14.45 million shares changing hands.

On the northern bourse, the HNX-Index lost 1.23 points, or 0.6%, compared to yesterday at 205.31, with 75 advancers and 81 decliners.

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