The Hanoitimes - As of the fourth quarter of 2018, the VN-Index fell from 1,021 points to 892, equivalent to a decrease of 12.6%.
Vietnamese securities companies saw a slump in their respective profits in the fourth quarter of 2018 compared to the same period of the previous year, mainly due to a massive plunge in local shares, Vietnam Finance reported.
As of the fourth quarter of 2018, the VN-Index fell from 1,021 points to 892, equivalent to a contraction of 12.6%.
SSI Securities Corporation, the largest broker in the country, posted a decrease of 14.7% year-on-year pre-tax profit to VND324 billion (US$13.96 million) in the October – December period.
Meanwhile, the second largest broker on the Ho Chi Minh Stock Exchange (HoSE), Ho Chi Minh Securities Company (HSC), saw its pre-tax profit shrink 62% year-on-year to merely VND88.8 billion (US$3.82 million) during the period.
Despite leapfrogging SSI to top the brokerage market share in HoSE in the fourth quarter of 2018, Viet Capital Securities Company (VDSC)’s pre-tax profit was also down 28% year-on-year to VND160 billion (US$6.89 million).
VNDirect and Saigon Hanoi Securities (SHS) also faced a similar situation with their pre-tax profit reached VND52.9 billion (US$2.27 million) and VND112 billion (US$4.82 million), down 69% and 73% year-on-year, respectively. Bao Viet Securities Company (BVSC) also posted a decline of 52% in pre-tax profit to VND21.8 billion (US$939,329).
MB Securities (MBS) and ACB Securities (ACBS) saw the biggest slump in pre-tax profits in Vietnam’s brokerage market at VND613 million (US$26,413) and VND1.5 billion (US$64,6320), down 87% and 98% year-on-year, respectively.
On the contrary, FPT Securities (FPTS), VPBank Securities (VPBS) and Techcombank Securities (TCBS) all experienced an increase in pre-tax profit. Particularly TCBS posted a profit of at VND1.53 trillion (US$65.91 million), up 68% year-on-year.
SSI remained the largest broker on the HoSE for the whole year, reaching a market share of 18.7%, followed by HSC and VCSC with 11.24% and 10.95%, respectively.
At the close on January 22, the VN-Index dropped by 4.50 points or 0.49% to settle at 906.55 points.