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Sunday, July 14, 2024

Profit growth gives stock prices a boost

By Trieu Duong

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In an economic landscape largely shrouded in uncertainty, the dramatic profit growth of several companies has emerged as a bright spot, moving stock prices up. Securities companies Securities companies have substantially benefitted from the stock market recovery since the start of the second quarter, particularly in light of the back-to-back interest rate cuts. According to statistics, outstanding margin loans in the whole market amounted to VND143.5 trillion by the end of Q2 2023, a 20.5% increase from Q1. This has contributed to progressive improvement in market liquidity, featuring lively transactions from both individual and institutional investors. Consequently, securities firms have seen tremendous profit growth in their Q2 business results. For example, VIX Securities Joint Stock Company (HOSE: VIX) reported Q2 profit of over VND565 billion, more than 54 times higher than Q1 and nearly ten times the figure from the same period last year. As explained by a company representative, the bullish stock market not only brings activities such as brokerage and margin lending back to prosperity but also makes investment portfolios profitable again. Thanks to this, the price of VIX has skyrocketed by nearly 35% since early July, making this stock one of the biggest gainers in more than […]
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