21-Jul-2022 Intellasia |
Hoa Phat Group, whose HPG shares are traded on the Hochiminh Stock Exchange, has cut a deal to export 8,000 tonnes of steel to Mexico. This will be the firm’s first steel shipment to the North American country.
The shipment will be a stepping stone for HPG to expand its reach in North America, the local media reported.
The delivery of the construction steel will be made in August, said a representative of Hoa Phat Hung Yen Steel Company.
In the first half of 2022, Hoa Phat exported 750,000 tonnes of steel of all types, double the volume in the same period last year, while its output was 2.3 million tonnes, up 29 percent year-on-year.
The steelmaker has shipped its products to 25 nations and territories, including the United States, Canada, Japan and South Korea.
On the stock exchange, HPG continued its downtrend, losing 2 percent at the close today, July 19, despite the market’s improved sentiment.
The VN Index of the HCM City bourse today reversed course to end up 1.84 points, or 0.16%, from the session earlier, at 1,178.33, with 188 gainers and 252 losers.
There were over 532.7 million shares worth VND11.3 trillion changing hands, increasing slightly in both volume and value against the previous session.
In the VN30 basket, 16 stocks fell into negative territory, with jewellery company PNJ reporting the sharpest decline.
Securities stock SSI lost ground, but took the lead by liquidity on the southern market with a matching volume of 19.8 million shares, followed by HPG with 16.2 million shares changing hands.
Meanwhile, the poor performance of many large-cap stocks dragged the HNX-Index of the Hanoi Stock Exchange down 0.2 of a point, or 0.07%, against the session earlier, at 284.43.
Category: Business, Vietnam
Article source: https://www.intellasia.net/hoa-phat-to-ship-first-steel-batch-to-mexico-1070958