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

By Minh Son   July 22, 2022 | 10:30 pm PT
Securities firms report losses as proprietary trading takes hit in falling market
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
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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