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S.Korean investment fund becomes major stakeholder of Nam Kim Steel

The Saigon Times

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HCMC – South Korean investment fund KITMC Worldwide Vietnam RSP Balanced Fund has acquired an additional one million NKG shares, raising its ownership to 5.2% and becoming a major stakeholder of Nam Kim Steel JSC.

The purchase was made on December 4. KITMC Worldwide Vietnam RSP is a member fund of Korean Investment Management Co., Ltd.

In its third-quarter earnings report, Nam Kim Steel reported a 3.7% dip in revenue over the same period last year at over VND4.2 trillion.

However, the firm went from a loss of VND160 billion in the third quarter of 2022 to a gross profit of VND205 billion in July-September this year, all thanks to sharp cuts in financial, selling and business administration costs. These costs dropped by 30%, 35%, and 43% against the same period last year to VND84 billion, VND138 billion, and VND32 billion, respectively.

From January to September, the steel manufacturer’s revenue dropped by 24.7% year-on-year to VND14.1 trillion, and its profit after tax plunged by 62.1% to VND109.7 billion.

NKG shares inched down by 0.21% to VND23,250 each at the close today, December 11, with a matching volume of 7.1 million shares.

With 215 winners and 302 losers, the VN-Index of the Hochiminh Stock Exchange moved sideways with a fractional increase of 0.09%, or 1.06 points, to settle at 1,125.5 points.

Trading on December 8 dropped by 14.5% in volume and 17.4% in value over the previous session, with 819.1 million shares worth VND17.7 trillion changing hands.

The benchmark VN-Index maintained its slight upward momentum, largely driven by blue-chip stocks. Key contributors included VHM and VIC, closing at VND41,000 (up 3.4%) and VND44,050 (up 2.6%), respectively. VHM contributed 1.5 positive points, while VIC added one point to the main index.

In contrast, the banking sector was the main drag, with six out of the top 10 most impactful decliners belonging to this group. VCB, BID and VPB led the downturn with respective decreases of 1.2%, 0.9%, and 1.2%, scraping nearly 1.1, 0.7, and 0.4 points off the VN-Index.

VIX took the lead by liquidity with 41.1 million shares matched, closing 0.6% lower to VND17,100.

At the close, the Hanoi Stock Exchange saw 75 advancers and 87 decliners, with a trading volume of 73.4 million shares and a value of VND1.5 trillion. The HNX-Index also moved sideways with a slight gain of 0.07%, or 0.17 points, to reach 231.37 points.

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