Wednesday , October 5 2022

Securities firms report losses as proprietary trading takes hit in falling market

Many securities companies reported major losses in the second quarter, mainly from proprietary trading, as the market went through a slump.

Saigon-Hanoi Securities Joint Stock Company reported a net loss of nearly VND300 billion (US$12.7 million) in the second quarter of this year.

Besides losses from securities trading, its brokerage was down by 40 percent year-on-year to VND85 billion ($3.6 million) while profits from loans and receivables fell by 15 percent to VND137 billion ($5.8 million).

Tien Phong Securities Corporation lost more than VND128 billion ($5.4 million), a 340 percent decline.

Bao Minh Securities Company racked up net losses of over VND130 billion ($5.5 million) as against net profits of nearly VND130 billion in the same period last year.

They wiped out the profits it made in the first quarter, leaving it nearly VND33 billion ($1.4 million) in the red in the first half.

On July 6 the VN-Index fell to 1,149.61 points, its lowest since February 2021.

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